Overview:
In our last analysis, EUR/NZD was trading upward. As we expected, the price tested the level of 1.5970 in an average volume. Our Fibonacci retracement 61.8% at the price of 1.5835 held successfully, and it made price start with strong upward movement. I placed Fibonacci retracement to find potential resistance level and got Fibonacci retracement 38.2% at the price of 1.5975 (currently on the test) and Fibonacci retracement 61.8% at the price of 1.6060. According to the 4H time frame, we can observe demand on the market. So, be careful when buying EUR/NZD at this stage since price is testing our resistance level.
Daily Fibonacci pivot levels:
Resistance levels:
R1: 1.5947
R2: 1.5979
R3: 1.6031
Support levels:
S1: 1.5843
S2: 1.5811
S3: 1.5759
Trading recommendations: Be careful when buying the EUR/NZD pair since our resistance level is on the test.
The material has been provided by InstaForex Company - www.instaforex.com
