Overview:
Since our last analysis, EUR/NZD has been trading downwards. As we expected, the price has tested the level of 1.5705 (Fibonacci retracement 38.2%) 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 high volume but very low price action (weak demand). Watch for potential selling opportunities.
Daily Fibonacci pivot levels :
Resistance levels:
R1: 1.5796
R2: 1.5818
R3: 1.5855
Support levels:
S1: 1.5722
S2: 1.5700
S3: 1.5663
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
