Overview:
In our last analysis, EUR/NZD was trading downward. The price has tested the level of 1.5508 in an average volume. Our support level around the price of 1.5650 got broken, which is a sign that we may see more downward movement. I have placed major Fibonacci expansion to find potential support level and got Fibonacci expansion 100% at the price of 1.5400. According to the H4 time frame, we can observe selling climax in the background and weak supply later. Selling at this stage looks risky. My advice is to watch for potential selling opportunities after retracement with potential target around the price of 1.5400. Anyway, if we see a larger demand on the market in a very high volume, it may confirm further bullish phase.
Daily Fibonacci pivot levels:
Resistance levels:
R1: 1.5691
R2: 1.5721
R3: 1.5770
Support levels:
S1: 1.5593
S2: 1.5563
S3: 1.5514
Trading recommendations: Be careful when selling the EUR/NZD at this stage, since we can observe supply in a low volume.
The material has been provided by InstaForex Company - www.instaforex.com
