Overview:
In our last analysis, EUR/NZD was trading sideways around the price of 1.5080. According to the H1 time frame, we can observe supply in a ultra high volume (selling climax), which is a sign that selling EUR/NZD around the price of 1.5080 looks risky. Our Fibonacci expansion 100% at the price of 1.5400 got broken so we may see a potential testing of the level of 1.4950 (Fibonacci expansion 161.8%). Be careful when selling at this stage but watch for potential selling opportunities after retracement (after bullish correction). Yesterday we got supply in a volume above the average and very weak reaction from buyers.
Daily Fibonacci pivot levels:
Resistance levels:
R1: 1.5195
R2: 1.5236
R3: 1.5304
Support levels:
S1: 1.5059
S2: 1.5018
S3: 1.4950
Trading recommendations: Be careful when selling the EUR/NZD pair at this stage, since we can observe selling climax according to the 1H time frame.
The material has been provided by InstaForex Company - www.instaforex.com
