Overview:
In our last analysis, EUR/NZD was trading upward.The price tested the level of 1.5856 in a volume above the average. According to the daily time frame, we can observe a lack of supply, which is a sign that selling EUR/NZD at this stage looks risky. I have placed Fibonacci retracement to find potential resistance levels and I got Fibonacci retracement 38.2% at the price of 1.5900 and Fibonacci retracement 61.8% at the price of 1.6000. According to the 4H time frame, we can observe lack of supply around the price of 1.5750. My advice is to watch for potenatial selling opportunities after retracement.
Daily Fibonacci pivot levels:
Resistance levels:
R1: 1.5820
R2: 1.5840
R3: 1.5873
Support levels:
S1: 1.5754
S2: 1.5734
S3: 1.5701
Trading recommendations: Be careful when selling the EUR/NZD pair since we have a lack of supply around the level of 1.5750.
The material has been provided by InstaForex Company - www.instaforex.com
