Overview:
Since our last analysis, EUR/NZD has been trading sideways. We are still waiting for larger price action and larger activity. Price has been successfully rejected again from our Fibonacci retracement 61.8% at the price of 1.5900, which is a sign that buying looks very risky. According to the 4H time frame, I have placed Fibonacci expansion levels to find potential resistance and I got Fibonacci expansion 161.8% at the price of 1.5870 (successfully tested). 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.
Resistance levels:
R1: 1.5874
R2: 1.5896
R3: 1.5932
Support levels:
S1: 1.5801
S2: 1.5779
S3: 1.5742
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
