Recently, EUR/NZD has been moving downwrads. The price tested the level of 1.5341 in a high volume. The price reached my yesterday’s target at 1.5500 and rejected strongly. According to the M30 time frame, I found a broken bearish flag and I expect further downward movement. If the price breaks the level of 1.5335, we may see further downward continuation. I have placed Fibonacci expansion to find potential downward targets. I got the Fibonacci expansion 100% at the price of 1.5280 and FIbonacci expansion 161.8% at the price of 1.5165.
Fibonacci Pivot Points:
Resistance levels
R1: 1.5480
R2: 1.5505
R3: 1.5545
Support levels:
S1: 1.5400
S2: 1.5375
S3: 1.5335
Trading recommendations for today: buying EUR/NZD at this stage looks risky. Watch for selling opportunities.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Recently, EUR/NZD has been moving downwrads. The price tested the level of 1.5341 in a high volume. The price reached my yesterday’s target at 1.5500 and rejected strongly. According to the M30 time frame, I found a broken bearish flag and I expect further downward movement. If the price breaks the level of 1.5335, we may see further downward continuation. I have placed Fibonacci expansion to find potential downward targets. I got the Fibonacci expansion 100% at the price of 1.5280 and FIbonacci expansion 161.8% at the price of 1.5165.
Fibonacci Pivot Points:
Resistance levels
R1: 1.5480
R2: 1.5505
R3: 1.5545
Support levels:
S1: 1.5400
S2: 1.5375
S3: 1.5335
Trading recommendations for today: buying EUR/NZD at this stage looks risky. Watch for selling opportunities.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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