Overview:
In our last analysis, EUR/NZD has been trading upwards. As we expected, the price tested the level of 1.5999 in an average volume. According to the 4H time frame, we can oberve an absorption volume like we expected. Our Fibonacci retracement 38.2% at the price of 1.5945 is on the test. If the price breaks the level of 1.5945 in a high volume and strong price action, we may see potential testing the level of 1.6135. Be careful when selling EUR/NZD since we got absorption volume in the background. Watch for potential buying opportunities on the lows.
Daily Fibonacci pivot levels:
Resistance levels:
R1: 1.6003
R2: 1.6050
R3: 1.6126
Support levels:
S1: 1.5851
S2: 1.5804
S3: 1.5728
Trading recommendations: Be careful when selling EUR/NZD since we got a strong absorption volume in the background.
The material has been provided by InstaForex Company - www.instaforex.com
