Overview:
Since our last analysis, EUR/NZD has been trading upwards. As we expected, the price tested the level of 1.5978 in an average volume according to the daily chart. Our Fibonacci expansion 100% at the price of 1.6000 almost got tested. If the price breaks the level of 1.6010 in a higher volume, we may see potential testing the level of 1.6200 (swing high like resistance). Anyway, be careful when buying at this stage since the price is near the resistance level. My advice is to wait for retracement and then to build buying positions.
Daily Fibonacci pivot levels :
Resistance levels:
R1: 1.5983
R2: 1.6028
R3: 1.6101
Support levels:
S1: 1.5837
S2: 1.5792
S3: 1.5719
Trading recommendations: Be careful when selling the EUR/NZD pair since we may see further upward movement.
The material has been provided by InstaForex Company - www.instaforex.com
