Overview:
In our last analysis EUR/NZD was trading sideways around the price of 1.4900. According to the daily time frame, we can observe strong supply in an ultra high volume (selling climax) in the background, so selling EUR/NZD at this stage looks very risky. 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. According to the H1 time frame, we can observe selling climax in the background and demand in an average volume. Any larger demand in a high volume may confirm further larger bullish corrective phase. I found resistance around the price of 1.5050 (swing low like resistance). Anyway, if the price breaks the level of 1.4900 in a stong price action, we may see a potential testing of the level of 1.4425.
Daily Fibonacci pivot levels:
Resistance levels:
R1: 1.4904
R2: 1.4937
R3: 1.4990
Support levels:
S1: 1.4798
S2: 1.4765
S3: 1.4712
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
