Overview:
In our last analysis, EUR/NZD has been trading upwards. The price tested and rejected from the level of 1.5977 in an ultra 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 successfully, which enabled the price to start with a downward movement. According to the daily time frame, we can observe weak demand. According to the 4H time frame, EUR/NZD is in an absorption phase. So, be careful when buying.
Daily Fibonacci pivot levels:
Resistance levels:
R1: 1.5962
R2: 1.5992
R3: 1.6042
Support levels:
S1: 1.5862
S2: 1.5832
S3: 1.5782
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
