Overview:
In our last analysis EUR/NZD was trading upwards. As we expected, the price has tested the level of 1.4965 in a high volume. According to the M30, we can observe a high-effort bar with very low results. The resistance level at the price of 1.5200 has been held successfully, thus causing price to start with downward movement. I have placed Fibonacci retracement to find resistance levels and I got Fibonacci retracement 38.2% at the price of 1.5160. Anyway, if the price breaks the level of 1.4965 in a high volume, we may see a possible testing of the level of 1.4865 (Fibonacci expansion 100%). My advice is to watch for potential buying opportunities on the lows.
Daily Fibonacci pivot levels:
Resistance levels:
R1: 1.5185
R2: 1.5215
R3: 1.5265
Support levels:
S1: 1.5085
S2: 1.5055
S3: 1.5005
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
