Recently, EUR/NZD has been moving upwards. The price tested the level of 1.5635 in an ultra high volume due to weaker CPI report in New Zealand. According to the 30M time frame, I found strong reaction from buyers. Anyway, the price managed to do a downward correction and price tested the level of 1.5510 (Fibonacci retracement 61.8%). Selling at this stage looks risky. I have placed the Fibonacci expansion to find potential upward targets. I got the Fibonacci expansion 61.8% at the price of 1.5625, Fibonacci expansion 100% at the price of 1.5695, and Fibonacci expansion 161.8% at the price of 1.5810. Watch for buying opportunities on the dips. Anyway, if the price breaks the level of 1.5510, we may see lower price.
Fibonacci Pivot Points:
Resistance levels:
R1: 1.5555
R2: 1.5586
R3: 1.5640
Support levels:
S1: 1.5440
S2: 1.5405
S3: 1.5350
Trading recommendations for today: Be careful when selling and watch for buying opportunities.
The material has been provided by InstaForex Company - www.instaforex.com