Overview:
Since our last analysis, EUR/NZD has been trading downwards. As we expected the price has tested the level of 1.5710 (Fibonacci retracement 61.8%) in a volume just above average according to the 4H time frame, which is a sign that buying looks very risky. It is still unsafe to buy anything, so watch for potential selling opportunities after retracement. If the price breaks the level of 1.5710 in a higher volume, we may see potential testing the level of 1.5595. According to the 1H time frame, we can observe strong selling pressure (selling climax) in the background, which is a sign that buying looks risky.
Daily Fibonacci pivot levels :
Resistance levels:
R1: 1.5846
R2: 1.5862
R3: 1.5887
Support levels:
S1: 1.5795
S2: 1.5779
S3: 1.5753
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
