Overview:
In our last analysis, EUR/NZD has been trading upwards. The price tested the level of 1.6140 in an ultra high volume (buying climax). Price rejection from the level of 1.5910 (swing high like support), which pushed the price to start upward movement. I have placed Fibonacci retracement to find potential resistance level and I got Fibonacci retracement 38.2% at the price of 1.6110 and Fibonacci retracement 61.8% at the price of 1.6235. According to the 4H time frame, we can observe demand in an ultra high volume. Be careful when buying EUR/NZD since the price is near the resistance level and we got buying climax on the market. Anyway, of the price breaks the level of 1.6110 in a high volume, we may see testing the level of 1.6235.
Daily Fibonacci pivot levels:
Resistance levels:
R1: 1.5977
R2: 1.5997
R3: 1.6029
Support levels:
S1: 1.5914
S2: 1.5894
S3: 1.5863
Trading recommendations: Be careful when buying the EUR/NZD pair since our resistance level is on the test and we got buying climax on the market.
The material has been provided by InstaForex Company - www.instaforex.com
