Overview:
Since our last analysis, EUR/NZD has been trading upwards. The price tested the level of 1.5828 in an ultra high volume (buying climax) according to the daily time frame. It is still unsafe to buy anything, so watch for potential selling opportunities after retracement. Our Fibonacci retracement 61.8% at the price of 1.5800 is on the test. According to the 4H time frame, we got buying climax near our resistance, so buying looks very risky at this stage. Any larger supply in a high volume may confirm further bearish movement.
Daily Fibonacci pivot levels :
Resistance levels:
R1: 1.5816
R2: 1.5856
R3: 1.5921
Support levels:
S1: 1.5686
S2: 1.5646
S3: 1.5581
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
