Overview:
In our last analysis, EUR/NZD was trading downward. The price has tested the level of 1.5633 in an average volume. Our support level around the price of 1.5650 is held successfully, which is a sign that selling EUR/NZD at this stage looks risky. 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. Anyway, if the price breaks the level of 1.5640, next support level is around the price of 1.5585 (Fibonacci expansion 161.8%).
Daily Fibonacci pivot levels:
Resistance levels:
R1: 1.5767
R2: 1.5794
R3: 1.5839
Support levels:
S1: 1.5677
S2: 1.5650
S3: 1.5605
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
