Overview:
In our last analysis, EUR/NZD has been trading upwards. As we expected, the price tested the level of 1.5896 in an average volume. According to the 4H time frame, we can oberve weak demand on the market, which is a sign that buying EUR/NZD at this stage looks risky. I have placed Fibonacci retracement to find potential resistance levels and I got Fibonacci retracement 38.2% at the price of 1.5870 (currently on the test) and Fibonacci retracement 61.8% at the price of 1.5920. According to the daily time frame, we got absorption volume but from the other side we got strong resistance around the price of 1.6030.
Daily Fibonacci pivot levels:
Resistance levels:
R1: 1.5886
R2: 1.5911
R3: 1.5951
Support levels:
S1: 1.5805
S2: 1.5780
S3: 1.5739
Trading recommendations: Be careful when selling EUR/NZD since we got a strong absorption volume in the background buy pay attention on the 1.6030 level
The material has been provided by InstaForex Company - www.instaforex.com
