Overview:
In our last analysis, EUR/NZD has been trading sideways around the price of 1.5730. We are facing a very low volume on the market. We are still waiting for a larger volume and stonger price action. According to the daily time frame, we can observe weak supply on the market, which is a sign that selling 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 a gap zone around the price of 1.5780-1.5820 (resistance zone). Watch for potential selling opportunities after retracement. Anyway, according to the 1h time frame, we got strong buying pressure in the background (buying climax), which is a sign that we may see a potential bullish corrective phase before any larger bearish movement.
Daily Fibonacci pivot levels:
Resistance levels:
R1: 1.5781
R2: 1.5807
R3: 1.5851
Support levels:
S1: 1.5693
S2: 1.5667
S3: 1.5623
Trading recommendations: Be careful when selling EUR/NZD since we may see a potential bullish corrective phase.
The material has been provided by InstaForex Company - www.instaforex.com
