Overview:
In our last analysis, EUR/NZD has been trading sideways around the price of 1.5800. We are facing very low volume on the market, so we are waiting for a larger volume and stonger price action. According to the daily time frame, we can observe weak demand on the market, which is a sign that buying EUR/NZD looks risky. Our Fibonacci expansion 100% at the price of 1.5800 is broken, so we may see possible testing the level of 1.5520 (Fibonacci expansion 161.8%). If the price breaks the level of 1.5800 in a high volume, we may see possible testing the level of 1.5520 (Fibonacci expansion 161.8%), Anyway, if we see larger reaction from buyers around the level of 1.5800, a bullish corrective phase will be possible.
Daily Fibonacci pivot levels:
Resistance levels:
R1: 1.5850
R2: 1.5880
R3: 1.5930
Support levels:
S1: 1.5751
S2: 1.5721
S3: 1.5672
Trading recommendations: Be careful when buying EUR/NZD since our Fibonacci expansion 100% got broken.
The material has been provided by InstaForex Company - www.instaforex.com
