Overview:
In our last analysis, EUR/NZD was trading downward. As we expected, the price tested the level of 1.5850 in an extremely high volume (selling climax). Our Fibonacci expansion 100% at the price of 1.6145 held successfully, and it made price start with strong downward movement. I placed Fibonacci retracement to find potential support level and I got Fibonacci retracement 61.8% at the price of 1.5850 (currently on the test). According to the 4H time frame, we can observe lack of supply around the price at 1.5850. So, be careful when selling at this stage, but watch for potential selling opportunities after retracement.
Daily Fibonacci pivot levels:
Resistance levels:
R1: 1.6123
R2: 1.6196
R3: 1.6315
Support levels:
S1: 1.5884
S2: 1.5811
S3: 1.5691
Trading recommendations: Be careful when buying the EUR/NZD pair since we got strong supply in the background.
The material has been provided by InstaForex Company - www.instaforex.com
