Overview:
In our last analysis EUR/NZD was trading upwards. As we expected, the price has tested and has rejected from the level of 1.4865. Our Fibonacci expansion 100% at the price of 1.4860 was held successfully which is a sign that buying EUR/NZD at this stage looks risky. I have placed Fibonacci retracement to find potential support levels and have got Fibonacci retracement 61.8% around the price of 1.4670. My advice is to watch for potential buying opportunities after retracement.
Daily Fibonacci pivot levels:
Resistance levels:
R1: 1.4785
R2: 1.4812
R3: 1.4855
Support levels:
S1: 1.4698
S2: 1.4671
S3: 1.4621
Trading recommendations: Be careful when selling at this stage and watch for potential buying opportunities after a retracement (buy on the dips).
The material has been provided by InstaForex Company - www.instaforex.com
