Overview:
In our last analysis EUR/NZD was trading upwards. As we expected, the price has tested the level of 1.5210 in a high volume. Our Fibonacci retracement 61.8% at the price of 1.5020 has been held successful, what caused price to start with upward movement. The resistance level is at the price of 1.5200 (currently on the test), but if the price breaks the level of 1.5200 in a high volume and strong price action, we may see a potential testing the level of 1.5470. I have also placed Fibonacci expansion to find potential resistnace levels and have got Fibonacci expansion 61.8% at the price of 1.5575. My advice is to watch for potential buying opportunities on the lows.
Daily Fibonacci pivot levels:
Resistance levels:
R1: 1.5127
R2: 1.5158
R3: 1.5207
Support levels:
S1: 1.5029
S2: 1.4998
S3: 1.4949
Trading recommendations: Be careful when selling at this stage and watch for potential buying opportunities after retracement (buy on the dips).
The material has been provided by InstaForex Company - www.instaforex.com
