Overview:
In our last analysis, EUR/NZD has been trading downwards. As we expected, the price tested and rejected from the level of 1.6268 in a high volume. Our Fibonacci expansion 100% at the price of 1.6250 held successfully, which is a sign that buying looks risky. According to the 1H time frame, we can observe absorption volume in the background, which is a sign that buying EUR/NZD looks risky. I have placed Fibonacci retracment to find potential support levels and I got Fibonacci retracement 61.8% at the price of 1.6075 (currently on the test). If the price breaks the level of 1.6075 in a high volume and strong price action takes place, we may see possible testing the level of 1.6005 (swing low like support).
Daily Fibonacci pivot levels:
Resistance levels:
R1: 1.6204
R2: 1.6254
R3: 1.6335
Support levels:
S1: 1.6041
S2: 1.5991
S3: 1.5909
Trading recommendations: Be careful when buyingEUR/NZD pair since we got successful rejection from our Fibonacci expansion 100%
The material has been provided by InstaForex Company - www.instaforex.com
