Overview:
In our last analysis, EUR/NZD was trading downwards. As we expected, the price has tested the level of 1.4278 in a high volume. The price found support around the level of 1.4280 (close to Fibonacci retracement 61.8%). We can observe potential re-testing of downward channel, which may lead to further upward movement. My advice is to watch for potential buying opportunities after a retracement. The resistance level is seen around 1.4490.
Daily Fibonacci pivot levels:
Resistance levels:
R1: 1.4444
R2: 1.4486
R3: 1.4554
Support levels:
S1: 1.4308
S2: 1.4266
S3: 1.4198
Trading recommendations: Be careful when selling at this stage and watch for potential buying opportunities after a retracement.
The material has been provided by InstaForex Company - www.instaforex.com
