Since our last analysis the EUR/NZD pair has been trading sideways around the price of 1.7039. We are waiting for upward movement and testing the level of 1.7360. 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 no supply bar on volume below the average. This is a sign that we may see small corrective phase before we 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: 1.7095
R2: 1.7130
R3: 1.7186
Support levels:
S1: 1.6984
S2: 1.6949
S3: 1.6894
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 sideways around the price of 1.7039. We are waiting for upward movement and testing the level of 1.7360. 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 no supply bar on volume below the average. This is a sign that we may see small corrective phase before we 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: 1.7095
R2: 1.7130
R3: 1.7186
Support levels:
S1: 1.6984
S2: 1.6949
S3: 1.6894
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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