Overview :
In our last analysis, EUR/NZD has been trading upwards. Tthe price tested the level of 1.6214. I have placed Fibonacci expansion from most recent swings to find potential end of bullish corrective phase. I got Fibonacci expanson 61.8% at the price of 1.6200 (currently on the test) and Fibonacci expansion 100% at the price of 1.6310 . If the price breaks the level of 1.6000 we may see testing the level of 1.5900. Be careful when buying and watch for potential selling opportunities after retracement. According to the daily timeframe, we can observe weak demand on the market.
Daily Fibonacci pivot levels :
Resistance levels:
R1: 1.6158
R2: 1.6190
R3: 1.6241
Support levels:
S1: 1.6057
S2: 1.6025
S3: 1.5975
Trading recommendations: Be careful when buying the EUR/NZD pair since we may see short-term bearish continuation
The material has been provided by InstaForex Company - www.instaforex.com
