Overview:
In our last analysis, EUR/NZD was trading upwards. As we expected, the price has tested the level of 1.4491 in a high volume. The short-term trend changed from bearish to neutral. We can observe reaction from our Fibonacci retracement 61.8% at the price of 1.4440. According to the M15 time frame, we have a buying climax in the background which is a sign that buying looks risky. My advice is to watch for potential selling opportunities after a retracement. Anyway, if the price breaks the level of 1,4440 in a high volume, we may see potential testing of the level of 1.4550.
Daily Fibonacci pivot levels:
Resistance levels:
R1: 1.4444
R2: 1.4492
R3: 1.4569
Support levels:
S1: 1.4290
S2: 1.4242
S3: 1.4165
Trading recommendations: Be careful when buying at this stage and watch for potential selling opportunities after a retracement.
The material has been provided by InstaForex Company - www.instaforex.com
