Overview:
Since our last analysis, EUR/NZD has been trading upwards. The price was tested and rejected from the level of 1.5773 in a volume above the average. EUR/NZD is in a bullish corrective phase, so I have placed Fibonacci expansion to find resistance levels and I got Fibonacci expansion 61.8% at the price of 1.5763 (currently on the test), Fibonacci expanson 100% at the price of 1.5782. Watch for potential selling opportunities. According to the previous price action, we got support at the price of 1.5625 (swing high like resistance). I have placed Fibonacci retracement from the most recent upward leg and I got Fibonacci retracement 38.2 % at the price of 1.5710 (currently on the test). Be careful when buying this pair and watch for potential selling opportunities.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1.5785
R2: 1.5806
R3: 1.5840
Support levels:
S1: 1.5717
S2: 1.5696
S3: 1.5662
Trading recommendations: Be careful when buying the EUR/NZD pair and watch for selling opportunities after retracement.
The material has been provided by InstaForex Company - www.instaforex.com
