Overview:
In our last analysis, EUR/NZD has been trading sideways around the price of 1.5775. We are facing a 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%). We can observe gap zone around the price of 1.5780-1.5820 (resistance zone). Watch for potential selling opportunities after retracement.
Daily Fibonacci pivot levels:
Resistance levels:
R1: 1.5863
R2: 1.5886
R3: 1.5923
Support levels:
S1: 1.5789
S2: 1.5766
S3: 1.5729
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
