Overview:
Recently, EUR/NZD has been trading downwards. As we expected, the price tested the level of 1.4930 in a high volume . The short-term trend is neutral. According to the daily time frame, supply is in a volume below the average and we got very weak price action. According to the 30-minute time frame, the price rejected from our Fibonacci expansion 100% (1.4950) in a high volume. Be careful when selling EUR/NZD since we may see bullish movements. First strong resistance is around the level of 1.5040.
Fibonacci Pivot Points:
Resistance levels:
R1: 1.5050
R2: 1.5065
R3: 1.5090
Support levels:
S1: 1.4995
S2: 1.4980
S3: 1.4955
Trading recommendations: Be careful when selling EUR/NZD at this stage since we can observe strong bullish activity (volume) in the background and rejection from our support.
The material has been provided by InstaForex Company - www.instaforex.com