Overview:
In our last analysis, EUR/NZD was trading downwards. The price has tested the level of 1.4307 in an average volume. The price found support around the level of 1.4330 (our Fibonacci expansion 61.8%). The short-term trend is still neutral. So, be careful when trading EUR/NZD. According to price action on 4H time frame, we can see a pin bar and rejection from our Fibonacci expansion 61.8%. My advice is to watch for potential buying opportunities. The first resistance level is around the price of 1.4440.
Daily Fibonacci pivot levels:
Resistance levels:
R1: 1.4447
R2: 1.4462
R3: 1.4486
Support levels:
S1: 1.4400
S2: 1.4384
S3: 1.4360
Trading recommendations: We are in neutral trend. So we need to a clear direction in the next period for better trading opportunities. Anyway, buying positions are preferable.
The material has been provided by InstaForex Company - www.instaforex.com
