Overview:
In our last analysis, EUR/NZD has been trading downwards. The price tested the level of 1.6023 in a high volume. Our Fibonacci expansion 100% at the price of 1.6050 held successfully, so be careful when selling EUR/NZD at this stage. According to the 4H time frame, we can observe good rejection from our support, which is a sign that selling looks risky. We also got Fibonacci retracement 61.8% at the price of 1,6015 (almost got tested). Be careful when selling EUR/NZD since we may see further upward movement. Watch for potential buying opportunities after retracement.
Daily Fibonacci pivot levels:
Resistance levels:
R1: 1.6140
R2: 1.6158
R3: 1.6189
Support levels:
S1: 1.6079
S2: 1.6061
S3: 1.6031
Trading recommendations: Be careful when selling the EUR/NZD pair since our Fibonacci retracement 38.2% is on the test
The material has been provided by InstaForex Company - www.instaforex.com
