Overview:
In our last analysis EUR/NZD was trading upwards. The price has tested the level of 1.5524 in a volume below the average. Our Fibonacci retracement 61.8% around the price of 1.5800 was held successfully, and it made price start with bearish movement. Be careful when buying EUR/NZD at this stage since we may see more bearish movement before any larger bullish reaction. Our Fibonacci retracement 38.2% at the price of 1.5421 is again on the test. Anyway, if the price breaks the level of 1.5420 in a high volume, we may see a possible testing of the level of 1.5180 (Fibonacci retracement 61.8%). According to the 4H time frame, we can observe lack of demand around the price of 1.5524, which is a sign that buying look risky.
Daily Fibonacci pivot levels:
Resistance levels:
R1: 1.5537
R2: 1.5581
R3: 1.5654
Support levels:
S1: 1.5392
S2: 1.5348
S3: 1.5276
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
