Overview:
In our last analysis, EUR/NZD was trading downwards. The price has tested the level of 1.4375 in an ultra high volume. I have placed Fibonacci retracement to find support levels and I got Fibonacci retracement 38.2% at the level of 1.4380 (successful tested). So, be careful when selling EUR/NZD at this stage. The price has broke the lower diagonal of our channel but we saw strong support around the level of 1.4380. According to the 4H time frame, we can observe selling climax (potential hidden buying). If the price moves back into the channel range, we may expect higher prices. Anyway, if the price breaks the level of 1.4380 in a high volume, we may see it testing the level of 1.4285 (Fibonacci retracement 61.8%). The intraday trend is bearish. Watch for buying opportunities just if the price changes trend dynamic from bearish to bullish.
Daily Fibonacci pivot levels:
Resistance levels:
R1: 1.4509
R2: 1.4533
R3: 1.4572
Support levels:
S1: 1.4432
S2: 1.4408
S3: 1.4370
Trading recommendations: Be careful when selling EUR/NZD at this stage since our Fibonacci retracement 38.2% held successful.
The material has been provided by InstaForex Company - www.instaforex.com
