Overview:
In our last analysis, EUR/NZD has been trading upwards. As we expected, the price tested and rejected from the level of 1.6035 in an ultra high volume (selling climax). According to the daily time frame, we can observe demand on the market in a volume below average. The price rejected from our submajor Fibonacci retracement 61.8% at 1.6035. I found the support level at the price of 1.5870. Be careful when buying EUR/NZD at this stage and watch for potential selling opportunities after retracement.
Daily Fibonacci pivot levels:
Resistance levels:
R1: 1.5998
R2: 1.6042
R3: 1.6113
Support levels:
S1: 1.5857
S2: 1.5813
S3: 1.5743
Trading recommendations: Be careful when buying EUR/NZD since we may expect reaction from sellers
The material has been provided by InstaForex Company - www.instaforex.com
