Since our last analysis, EUR/NZD has been trading upwards. The price tested the level of 1.5863 in a volume below average according to the daily timeframe. I have placed Fibonacci expansion to find potential end of a bullish corrective phase and I got Fibonacci expansion 161.8% at the price of 1.5815 (currently on the test). According to the 1H timeframe, we can observe buying climax (ultra high volume demand) and after that weak demand, which is a sign that buying EUR/NZD at this stage looks very risky. I have placed Fibonacci retracement from the most recent downward leg and I got Fibonacci retracement 61.8% at the price of 1.5900. Watch for potential selling opportunities.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1.5810
R2: 1.5836
R3: 1.5879
Support levels:
S1: 1.5725
S2: 1.5699
S3: 1.5657
Trading recommendations: Be careful when buying the EUR/NZD pair and watch for selling opportunities after retracement.
The material has been provided by InstaForex Company – www.instaforex.com
Overview:
Since our last
analysis, EUR/NZD has been trading upwards. The price tested the
level of 1.5863 in a volume below average according to the daily
timeframe. I have placed Fibonacci expansion to find potential end of
a bullish corrective phase and I got Fibonacci expansion 161.8% at
the price of 1.5815 (currently on the test). According to the 1H
timeframe, we can observe buying climax (ultra high volume demand)
and after that weak demand, which is a sign that buying EUR/NZD at this
stage looks very risky. I have placed Fibonacci retracement from the
most recent downward leg and I got Fibonacci retracement 61.8% at the
price of 1.5900. Watch for potential selling opportunities.
Daily pivot
Fibonacci points:
Resistance
levels:
R1: 1.5810
R2: 1.5836
R3: 1.5879
Support
levels:
S1: 1.5725
S2: 1.5699
S3: 1.5657
Trading
recommendations: Be careful when buying the EUR/NZD pair and watch
for selling opportunities after retracement.
The material has been provided by InstaForex Company – www.instaforex.com
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