Overview:
Recently, EUR/NZD was trading downwards. The price tested the level of 1.4042 in a high volume. Our Fibonacci expansion 100% at the level of 1.4035 is on the test. Be careful when selling at this stage. The short-term trend is bearish. If the price breaks the level of 1.4030 in a high volume, we may see possible testing of 1.3720 (Fibonacci expansion 161.8%). Watch for potential selling opportunities after retracement. According to the 4H time frame, we can observe a weak price action around our Fibonacci expansion 100%.
Daily Fibonacci pivot levels:
Resistance levels:
R1: 1.4238
R2: 1.4289
R3: 1.4371
Support levels:
S1: 1.4074
S2: 1.4023
S3: 1.3941
Trading recommendations: Be careful when buying EUR/NZD and watch for potential selling opportunities after retracement.
The material has been provided by InstaForex Company - www.instaforex.com
