Overview:
In our last analysis, EUR/NZD has been trading downwards. As we expected, the price tested the level of 1.6026. Since we got strong rejection from our resistance level at the price of 1.6230б it is still very risky to buy. I have placed Fibonacci expansion from the most recent swings to find support levels. I got Fibonacci expanson 61.8% at the price of 1.5980. If the price breaks the level of 1.5980 (Fibonacci expansion 61.8%), we may see testing the level of 1.5810 (Fibonacci expansion 100%). Be careful when buying and watch for potential selling opportunities after retracement. According to the daily time frame, we can observe weak demand in a volume below the average.
Daily Fibonacci pivot levels:
Resistance levels:
R1: 1.6202
R2: 1.6247
R3: 1.6319
Support levels:
S1: 1.6057
S2: 1.6012
S3: 1.5939
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
