Overview:
In our last analysis, EUR/NZD has been trading downwards. As we expected, the price tested the level of 1.5904 in a high volume. Strong rejection from our resistance level at the price of 1.6230 caused price to start with a bearish continuation phase. I have placed Fibonacci expansion from the most recent swings to find support levels and I got Fibonacci expansion 100% at the price of 1.5815 and Fibonacci expansion 161.8% at the price of 1.5535. According to the 4H time frame, we can observe strong supply in the background and very weak reaction from buyers, which is a sign that buying looks risky. Be careful when buying and watch for potential selling opportunities after retracement.
Daily Fibonacci pivot levels:
Resistance levels:
R1: 1.6050
R2: 1.6090
R3: 1.6155
Support levels:
S1: 1.5919
S2: 1.5879
S3: 1.5813
Trading recommendations: Be careful when buying the EUR/NZD pair since we started short-term bearish continuation.
The material has been provided by InstaForex Company - www.instaforex.com
