Overview:
In our last analysis EUR/NZD was trading downwards. As we expected, the price has tested the level of 1.4324 in a high volume. We can observe a successful rejection from our resistance level around the price of 1.4465 (Fibonacci retracement 38.2%). The short- and mid-term trends are bearish and my advice is to watch for potential selling opportunities after corrections. I found a range zone according to 30-minute time frame around the price of 1.4390-1.4300. According to the long-term time frames, we may see a possible testing of Fibonacci expansion 161.8% at the price of 1.3550. If the price breaks the level of 1.4290, we may see a possible testing of the level of 1.4175 (Fibonacci expansion 61.8%).
Daily Fibonacci pivot levels:
Resistance levels:
R1: 1.4472
R2: 1.4521
R3: 1.4600
Support levels:
S1: 1.4315
S2: 1.4266
S3: 1.4188
Trading recommendations: Be careful when buying at this stage and watch for potential selling opportunities after a retracement (after bullish correction).
The material has been provided by InstaForex Company - www.instaforex.com
