Since our last analysis, the EUR/NZD pair has been trading upwards, as we expected, the price tested the level of 1.7193 and also our first short-term target is at the level of 1.7100 on high volume. The current situation in (4H) timeframe is that we have got upward move on increasing volume. That is a sign that the downward corrective phase ended (we got point D). In the daily chart we can observe weak supply bar on volume below the average. This is a sign that we may see an upstroke and a test of the level of 1.7360 (FE 61.8 %). Since we are in the uptrend, according to the daily chart, I advise you to watch for buying opportunities after correction.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1.7142
R2: 1.7189
R3: 1.7265
Support levels:
S1: 1.6991
S2: 1.6991
S3: 1.4713
Trading recommendation: Be careful with selling and look for buying opportunities; I recommend 1.7360 as the second short-term target
The material has been provided by InstaForex Company – www.instaforex.com
Overview:
Since our last analysis, the EUR/NZD pair has been trading upwards, as we expected, the price tested the level of 1.7193 and also our first short-term target is at the level of 1.7100 on high volume. The current situation in (4H) timeframe is that we have got upward move on increasing volume. That is a sign that the downward corrective phase ended (we got point D). In the daily chart we can observe weak supply bar on volume below the average. This is a sign that we may see an upstroke and a test of the level of 1.7360 (FE 61.8 %). Since we are in the uptrend, according to the daily chart, I advise you to watch for buying opportunities after correction.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1.7142
R2: 1.7189
R3: 1.7265
Support levels:
S1: 1.6991
S2: 1.6991
S3: 1.4713
Trading recommendation: Be careful with selling and look for buying opportunities; I recommend 1.7360 as the second short-term target
The material has been provided by InstaForex Company – www.instaforex.com
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