Overview:
In our last analysis EUR/NZD was trading downwards. Resistance level at the price of 1.5200 was held successfully and it caused price to start with downward movement. Our Fibonacci retracement 61.8% at the price of 1.5050 is broken, so we may expect lower price. We have the first support level at the price of 1.4945. I have placed Fibonacci expansion to find potential support levels and have got Fibonacci expansion 100% at the price of 1.4865. Anyway, the mid-term selling EUR/NZD at this stage looks risky since we have major long-term support around the price of 1.4785. My advice is to watch for potential bullish opportunities with better conditions. Any larger reaction from our support levels may confirm further phase.
Daily Fibonacci pivot levels:
Resistance levels:
R1: 1.5208
R2: 1.5253
R3: 1.5325
Support levels:
S1: 1.5063
S2: 1.5018
S3: 1.4945
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
