Overview:
In our last analysis EUR/NZD was trading upwards. As we expected, the price tested the level of 1.5032 in a volume above the average. 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 was held successfully. Our resistance level around the price of 1.5050 is on the test. I have placed Fibonacci retracement from most recenet swings and got Fibonacci retracement 38.2% at the price of 1.4990 (already broken) and Fibonacci retracement 61.8% at the price of 1.5120. If the price breaks the level of 1.5050 in a stong price action, we may see a potential testing of the level of 1.5120.
Daily Fibonacci pivot levels:
Resistance levels:
R1: 1.4953
R2: 1.4988
R3: 1.5046
Support levels:
S1: 1.4837
S2: 1.4802
S3: 1.4744
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
