Overview:
Recently, EUR/NZD has been trading upwards. The price tested the level of 1.4219 in a high volume. Our Fibonacci expansion 100% at the level of 1.4035 was held successfully and the price went into corrective phase. I have placed Fibonacci retracement to find potential resistance levels and have got Fibonacci retracement 38.2% at the price of 1.4230 and Fibonacci retracement 61.8% at the price of 1.4350. The short-term trend is neutral. We are waiting a clear direction so we can take better opportunity. If the price breaks the level of 1.4235 in a high volume, we may see testing of the level of 1.4350. Anyway, if we see larger supply on the market, we may see possible re-testing of 1.4030.
Daily Fibonacci pivot levels:
Resistance levels:
R1: 1.4100
R2: 1.4116
R3: 1.4142
Support levels:
S1: 1.4046
S2: 1.4029
S3: 1.4002
Trading recommendations: If the price breaks the level of 1.4235 in a high volume, we may see potential testing of the level of 1.4350. Buying opportunities are preferable above the price 1.4235.
The material has been provided by InstaForex Company - www.instaforex.com
