Overview:
In our last analysis, EUR/NZD was trading downwards. The price tested the level of 1.4253 in a high volume. Since the price has broken our Fibonacci retracement 38.2% (1.4380), we saw downward movement. Fibonacci retracement 61.8% at 1.4285 is tested now. If the price breaks the level of 1.4285 in a high volume, we may it testing the level of 1.4130 (swing low like support). Be careful when buying since we are in short-term bearish trend. Watch for selling opportunities after retracements.
Daily Fibonacci pivot levels:
Resistance levels:
R1: 1.4514ed
R2: 1.4554
R3: 1.4618
Support levels:
S1: 1.4386
S2: 1.4346
S3: 1.4282
Trading recommendations: Be careful when buying EUR/NZD and watch for potential selling opportunities after retracement.
The material has been provided by InstaForex Company - www.instaforex.com
