Overview:
In our last analysis, EUR/NZD was trading upwards. As we expected, the price has tested the level of 1.4339 in a high volume. The short-term trend changed from bearish to neutral. I found strong reaction from buyers at the support level of 1.4260. I have placed Fibonacci retracement to find potential resistance levels. I got Fibonacci retracement 38.2% at the price of 1.4320 (already broken) and Fibonacci retracement 61.8% at the price of 1.4440. According to the 4H timeframe, we got an absorption volume in the background. My advice is to watch for potential buying opportunities above the level of 1.4320 (buy on the dips).
Daily Fibonacci pivot levels:
Resistance levels:
R1: 1.4338
R2: 1.4365
R3: 1.4408
Support levels:
S1: 1.4251
S2: 1.4224
S3: 1.4043
Trading recommendations: Be careful when selling at this stage and watch for potential buying opportunities after a retracement (buy the dips).
The material has been provided by InstaForex Company - www.instaforex.com
