Overview:
In our last analysis, EUR/NZD was trading downwards. As we expected, the price tested the level of 1.6026 in an average volume. Our Fibonacci expansion 100% at the price of 1.6145 held successfully, and it made price start with downward movement. I placed Fibonacci retracement to find potential support level and I got Fibonacci retracement 38.2% at the price of 1.5960 and Fibonacci retracement 61.8% at the price of 1.5840. According to the 4H time frame, we can observe lack of demand around the price of 1.6150. So, be careful when buying and watch for potential selling opportunities. Any larger supply may confirm a further bearish phase.
Daily Fibonacci pivot levels:
Resistance levels:
R1: 1.6150
R2: 1.6180
R3: 1.6230
Support levels:
S1: 1.6051
S2: 1.6021
S3: 1.5971
Trading recommendations: Be careful when buying the EUR/NZD pair since we got rejection from our resistance level in the background.
The material has been provided by InstaForex Company - www.instaforex.com
