Overview:
Recently, EUR/NZD has been trading upwards. As we had expected, the price tested the level of 1.5029 in a high volume. The short-term trend is bullish. Be careful when selling EUR/NZD. Our objective point at the price of 1.5000 (Fibonacci expansion 161.8%) has been met. According to the daily time frame, we can observe supply in a very low volume. I placed Fibonacci retramcenet to find next bullish objective points and got Fibonacci retracement 50% at the price of 1.5155 and Fibonacci retracement 61.8% at the price of 1.5450.
Fibonacci Pivot Points:
Resistance levels:
R1: 1.4855
R2: 1.4890
R3: 1.4950
Support levels:
S1: 1.4740
S2: 1.4705
S3: 1.4645
Trading recommendations: Be careful when selling EUR/NZD and watch for potential buying opportunities after a retracement.
The material has been provided by InstaForex Company - www.instaforex.com