Overview:
In our last analysis, EUR/NZD has been trading upwards. The price tested and rejected from the level of 1.6077 in an average volume. Our resistance level at the price of 1.6030 held successfully, which is a sign that buying EUR/NZD at this stage looks risky. According to the 4H time frame, we can observe lack of demand (high churn) around the price of 1.6030. So, be careful when buying and watch for potential selling opportunities. Any larger supply may confirm a further bearish phase.
Daily Fibonacci pivot levels:
Resistance levels:
R1: 1.5954
R2: 1.5975
R3: 1.6009
Support levels:
S1: 1.5886
S2: 1.5865
S3: 1.5831
Trading recommendations: Be careful when buying EUR/NZD since the price is near our resistance level. Watch for potential selling opportunities.
The material has been provided by InstaForex Company - www.instaforex.com
