Overview:
In our last analysis EUR/NZD was trading downwards. As we expected, the price has tested the level of 1.4859 in an ultra high volume. According to the daily time frame, we can observe strong supply in an ultra high volume (selling climax), so selling EUR/NZD at this stage looks very risky.The price rejected from our Fibonacci retracement 38.2% (1,5290) and caused market to continue with downward movement . Our Fibonacci expansion 161.8% at the price of 1.4900 is on the test. Be careful when selling since we may expect reaction from buyers. Anyway, if the price breaks the level of 1.4900, we may see a potential testing of the level of 1.4450.
Daily Fibonacci pivot levels:
Resistance levels:
R1: 1.5317
R2: 1.5354
R3: 1.5414
Support levels:
S1: 1.5198
S2: 1.5161
S3: 1.5102
Trading recommendations: Be careful when selling the EUR/NZD pair at this stage since the price is testing Fibonacci expansion 161.8%.
The material has been provided by InstaForex Company - www.instaforex.com
