Overview:
In our last analysis, EUR/NZD has been trading upwards. The price re-tested the level of 1.5920 (Fibonacci retracement 61.8%) in a high volume. I have placed Fibonacci expansion to find potential support levels. I got Fibonacci expansion of 100% at the price of 1.5780 and Fibonacci expansion of 161.8% at the price of 1.5715. Our Fibonacci retracement of 61.8% at the price of 1.5910 held successful, which enabled the price to start with a downward movement. According to the daily time frame, we can observe indecision bar.
Daily Fibonacci pivot levels:
Resistance levels:
R1: 1.5922
R2: 1.5954
R3: 1.6004
Support levels:
S1: 1.5821
S2: 1.5789
S3: 1.5738
Trading recommendations: Be careful when buying EUR/NZD since we got an absorption volume in the background. Watch for potential selling opportunities.
The material has been provided by InstaForex Company - www.instaforex.com
