Since our last analysis, the EUR/NZD pair has been trading upward, just as we expected, the price rejected from the level of 1.6480 (FR 38.2 %) and tested level 1.6591 on volume above the average. Potential levels for the end of the bearish correcrtive phase are 1.6480, 1.6427, 1.6351, 1.6270. Since our FR 38.2 % held, level of 1.6480 may be possible end of bearish corrective phase.I placed Fibonacci expansion levels to find potential upper station and i got FE 61.8 % at 1.7000 like first possible station. According to the daily chart, we have got a supply bar on volume below the average. Since we are in the uptrend, according to the daily chart, my advice is to watch for buying opportunities after bearish corrective phase.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1.6564
R2: 1.6600
R3: 1.6658
Support levels:
S1: 1.6449
S2: 1.6413
S3: 1.6356
Trading recommendation: Be careful with selling EUR/NZD and watch for buying opportunities after bearish corrective phase.
The material has been provided by InstaForex Company – www.instaforex.com
Overview:
Since our last analysis, the EUR/NZD pair has been trading upward, just as we expected, the price rejected from the level of 1.6480 (FR 38.2 %) and tested level 1.6591 on volume above the average. Potential levels for the end of the bearish correcrtive phase are 1.6480, 1.6427, 1.6351, 1.6270. Since our FR 38.2 % held, level of 1.6480 may be possible end of bearish corrective phase.I placed Fibonacci expansion levels to find potential upper station and i got FE 61.8 % at 1.7000 like first possible station. According to the daily chart, we have got a supply bar on volume below the average. Since we are in the uptrend, according to the daily chart, my advice is to watch for buying opportunities after bearish corrective phase.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1.6564
R2: 1.6600
R3: 1.6658
Support levels:
S1: 1.6449
S2: 1.6413
S3: 1.6356
Trading recommendation: Be careful with selling EUR/NZD and watch for buying opportunities after bearish corrective phase.
The material has been provided by InstaForex Company – www.instaforex.com
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