Overview:
In our last analysis EUR/NZD was trading downwards. The price has tested the level of 1.4791 in an average volume. The major support level at the price of 1.4790 is again on the test again, so be careful when selling EUR/NZD at this stage. I have placed Fibonacci retracement to find potential resistance levels and got Fibonacci retracement 38.2% at the level of 1.4950. According to the 4H time frame, we can observe supply below the average volume. My advice is to watch for potential bullish opportunities near the lows. Any larger reaction from our support levels may confirm a further bullish phase.
Daily Fibonacci pivot levels:
Resistance levels:
R1: 1.4916
R2: 1.4949
R3: 1.5002
Support levels:
S1: 1.4809
S2: 1.4776
S3: 1.4722
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
