Overview:
In our last analysis, EUR/NZD was trading downward. The price has tested the level of 1.5711 in a volume below the average. We may see a potential testing of the level of 1.5675-1.565 (swing low like support). Selling EUR/NZD at this stage looks risky since we can observe supply in a low volume. We are waiting for a larger activity on the market and stronger price action. My advice is to watch for potential buying opportunities on the lows. Any larger demand may confirm a further bullish phase.
Daily Fibonacci pivot levels:
Resistance levels:
R1: 1.5808
R2: 1.5825
R3: 1.5854
Support levels:
S1: 1.5751
S2: 1.5734
S3: 1.5706
Trading recommendations: Be careful when selling the EUR/NZD pair since we can observe supply in a low volume
The material has been provided by InstaForex Company - www.instaforex.com
