Overview :
In our last analysis, EUR/NZD has been trading downwards. As we expected, the price rejected from the level of 1.6210 and tested the level of 1.6086 in a average volume. 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 (held successful). If the price breaks the level of 1.6000, we may see the testing of 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: 1.6202
R2: 1.6229
R3: 1.6272
Support levels:
S1: 1.6116
S2: 1.6089
S3: 1.6046
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
