Overview:
Since our last analysis, EUR/NZD has been trading downwards. As we expected, the price has tested the level of 1.5650 (Fibonacci retracement 38.2% is broken) in an ultra high volume (selling climax), which is a sign that buying looks very risky. It is still unsafe to buy anything, so watch for potential selling opportunities after retracement. Since the price has broken the level of 1.5710 in a higher volume, we may see potential testing the level of 1.5595. According to the 4H time frame, we can observe sideways market, which is a sign that buying looks risky. Watch for potential selling opportunities.
Daily Fibonacci pivot levels :
Resistance levels:
R1: 1.5745
R2: 1.5765
R3: 1.5797
Support levels:
S1: 1.5681
S2: 1.5661
S3: 1.5629
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
