Since our last analysis, the EUR/NZD pair has been trading upwards, as we expected, the price tested the level of 1.7273 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 demand bar on high volume. This is a sign that we may see an ascending move 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.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1.7218
R2: 1.7270
R3: 1.7353
Support levels:
S1: 1.7052
S2: 1.7000
S3: 1.6917
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 1.7273 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 demand bar on high volume. This is a sign that we may see an ascending move 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.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1.7218
R2: 1.7270
R3: 1.7353
Support levels:
S1: 1.7052
S2: 1.7000
S3: 1.6917
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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