Overview:
In our last analysis EUR/NZD was trading downwards. The price rejected from our Fibonacci retracement 38.2% (1.4810). According to the 4H time frame, we can observe supply in a volume above the average. I have placed Fibonacci retracement to find potential support levels and have got Fibonacci retracement 61.8% at the price of 1.4650 (currently on the test). Selling EUR/NZD at this stage still looks very risky since we may expect reaction from buyers.
Daily Fibonacci pivot levels:
Resistance levels:
R1: 1.4797
R2: 1.4850
R3: 1.4939
Support levels:
S1: 1.4621
S2: 1.4567
S3: 1.4479
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
