Overview:
Since our last analysis, EUR/NZD has been trading sideways. We are still waiting for larger movement and higher activity (volume). Price has been successfully rejected from our Fibonacci retracement 61.8% at the price of 1.5900, which casued price to start with downward movement. I have placed Fibonacci retracement to find support levels and I got Fibonaccci retracement 38.2% at the price of 1.5710 (currently on the test) and Fibonaccci retracement 61.8% at the price of 1.5595. Watch for potential selling opportunities after retracement. So, if the price breaks the level of 1.5710 in a higher volume, we may see potential testing the level of 1.5595.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1.5794
R2: 1.5809
R3: 1.5832
Support levels:
S1: 1.5747
S2: 1.5732
S3: 1.5708
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
