Overview:
In our last analysis EUR/NZD was trading sideways around the price of 1.5200. According to the daily time frame, we can observe demand in a volume above the average. According to the H1 time frame, we can observe weak demand, which is a sign that buying looks risky. I have placed Fibonacci retracement to find potential resistance levels and got Fibonacci retracement 38.2% at the price of 1.5290 and Fibonacci retracement 61.8% at the price of 1.5435. Be careful when buying and watch for potential selling opportunities after retracement. Any larger supply in a high volume may confirm further bearish phase.
Daily Fibonacci pivot levels:
Resistance levels:
R1: 1.5246
R2: 1.5289
R3: 1.5357
Support levels:
S1: 1.5110
S2: 1.5067
S3: 1.5000
Trading recommendations: Be careful when buying the EUR/NZD pair at this stage since we got weak demand in the background.
The material has been provided by InstaForex Company - www.instaforex.com
