Overview:
In our last analysis, EUR/NZD has been trading downwards. The price tested the level of 1.5955 in a very high volume. We can observe that the price has broken our Fibonacci retracement 61.8% at the price of 1.6095, which pushed the price to continue with downward pressure. According to the 4H time frame, we can observe a bullish corrective phase, so I have placed Fibonacci retracement to find potential resistance levels. I got Fibonacci retracement 38.2% at the price of 1.6070 and Fibonacci retracement 61.8% at the price of 1.6140. We also got absorption volume in the background, which makes EUR/NZD very risky for mid-term buying.
Daily Fibonacci pivot levels:
Resistance levels:
R1: 1.6194
R2: 1.6236
R3: 1.6305
Support levels:
S1: 1.6056
S2: 1.6014
S3: 1.5945
Trading recommendations: Be careful when buying EUR/NZD pair since our Fibonacci retracement 61.8% got broken
The material has been provided by InstaForex Company - www.instaforex.com
