Overview:
In our last analysis, EUR/NZD was trading sideways around the price of 1.5800. According to the daily time frame, we got supply in a volume below the average, which caused price to continue with upward movement. I placed Fibonacci retracement to find potential resistance levels and got Fibonacci retracement 38.2% at the price of 1.5900 and Fibonacci retracement 61.8% at the price of 1.6000. Selling EUR/NZD at this stage looks risky since we saw a lack of supply around the price of 1.5745. We are waiting for a larger activity on the market and stronger price action.
Daily Fibonacci pivot levels:
Resistance levels:
R1: 1.5830
R2: 1.5854
R3: 1.5891
Support levels:
S1: 1.5755
S2: 1.5731
S3: 1.5693
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
