Overview:
In our last analysis EUR/NZD was trading downwards. As we expected, the price has tested the level of 1.4286 in a high volume. We can observe a successful rejection from our resistance level around the price of 1.4800. The short- and mid-term trends are bearish and my advice is to watch for potential selling opportunities after corrections. I found a range zone according to 30-minute time frame around the price of 1.4390-1.4300. According to the long-term time frames, we may see a possible testing of Fibonacci expansion 161.8% at the price of 1.3550.
Daily Fibonacci pivot levels:
Resistance levels:
R1: 1.4673
R2: 1.4749
R3: 1.4870
Support levels:
S1: 1.4431
S2: 1.4355
S3: 1.4234
Trading recommendations: Be careful when buying at this stage and watch for potential selling opportunities after a retracement (after bullish correction).
The material has been provided by InstaForex Company - www.instaforex.com
