Overview:
In our last analysis EUR/NZD was trading downwards. The price has tested the level of 1.5072 in an average volume. Our Fibonacci expansion 61.8% at the price of 1.5090 is on the test, so be very careful when selling EUR/NZD. We have a resistance around the price of 1.5200 (swing low like resistance). If the price breaks the level of 1.5200 in a high volume, we may see a possible testing of the level of 1.5350 (major Fibonacci retracement 38.2%). My advice is to watch for potential buying opportunities on the lows (buy on the dips).
Daily Fibonacci pivot levels:
Resistance levels:
R1: 1.5218
R2: 1.5253
R3: 1.5308
Support levels:
S1: 1.5108
S2: 1.5073
S3: 1.5018
Trading recommendations: Be careful when selling at this stage and watch for potential buying opportunities after retracement (buy on the dips).
The material has been provided by InstaForex Company - www.instaforex.com
