Overview:
In our last analysis EUR/NZD was trading downwards. As we expected, the price has tested the level of 1.5405 in an average volume. Our Fibonacci retracement 61.8% around the price of 1.5800 was held successfully, and it caused price to start with bearish movement. Be careful when buying EUR/NZD at this stage. I have placed Fibonacci retracement to find potential support levels and got Fibonacci retracement 38.2% at the price of 1.5421 (held successfully) and Fibonacci retracement 61.8% at the price of 1.5180. We also got swing high like support at the price of 1.5421. Anyway, if the price breaks the level of 1.5810 in a high volume, we may see further upward movement. My advice is to watch for potential buying opportunities after retracement. To confirm further bullish movement, price needs to break the level of 1.5810.
Daily Fibonacci pivot levels:
Resistance levels:
R1: 1.5761
R2: 1.5838
R3: 1.5964
Support levels:
S1: 1.5509
S2: 1.5432
S3: 1.5306
Trading recommendations: Be careful when buying at this stage, but watch for potential buying opportunities after retracement (buy on the dips)
The material has been provided by InstaForex Company - www.instaforex.com
