Overview:
In our last analysis EUR/NZD was trading downwards. As we expected, the price has tested the level of 1.4306 in a high volume. The mid-term trends are bearish and my advice is to watch for potential selling opportunities after corrections. I found a big weakness around the price of 1.4630 (buying climax). Major support is at the price of 1.4360. According to the daily timeframe, we can observe supply in a high volume in the background.
Daily Fibonacci pivot levels:
Resistance levels:
R1: 1.4499
R2: 1.4544
R3: 1.4617
Support levels:
S1: 1.4352
S2: 1.4307
S3: 1.4233
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
