Overview:
In our last analysis, EUR/NZD has been trading downwards. As we expected, the price tested and rejected from the level of 1.6004 in an average volume. Our Fibonacci expansion 100% 1.6190 is now on the test. According to the 1H time frame, we can observe absorption volume in the background, which is a sign that selling EUR/NZD looks risky. If the price breaks the level of 1.6190 in a high volume and strong price action takes place, we may see possible testing the level of 1.6250 (swing hihg like resistance).
Daily Fibonacci pivot levels:
Resistance levels:
R1: 1.6162
R2: 1.6197
R3: 1.6252
Support levels:
S1: 1.6051
S2: 1.6016
S3: 1.5960
Trading recommendations: Be careful when selling EUR/NZD pair since we got absorption volume according to the 1H time frame.
The material has been provided by InstaForex Company - www.instaforex.com
