Overview :
In our last analysis, EUR/NZD has been trading sideways around the price of 1.6100. We are still waiting for larger volume and stronger price action. I have placed Fibonacci expansion from most recent swings to find potential end of the 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. We got intraday support level at the price of 1.6070.
Daily Fibonacci pivot levels :
Resistance levels:
R1: 1.6202
R2: 1.6238
R3: 1.6296
Support levels:
S1: 1.6086
S2: 1.6050
S3: 1.5992
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
