Since our last analysis, the EUR/NZD pair has been trading sideways. Around the price of 1.6578, we are still waiting for further bullish movement and the testing of 1.7000. Since our FR 38.2% held, the level of 1.6480 is possible end of bearish corrective phase. I have 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 4H chart, we have got large selling climax at 1.6500, which was, in my opinion, panic selling, so we may expect bullish movement. Since we are in the uptrend, according to the daily chart, my advice is to watch for buying opportunities.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1.6689
R2: 1.6745
R3: 1.6836
Support levels:
S1: 1.6508
S2: 1.6452
S3: 1.6362
Trading recommendation: Be careful with selling EUR/NZD and watch for buying opportunities.
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 1.6578, we are still waiting for further bullish movement and the testing of 1.7000. Since our FR 38.2% held, the level of 1.6480 is possible end of bearish corrective phase. I have 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 4H chart, we have got large selling climax at 1.6500, which was, in my opinion, panic selling, so we may expect bullish movement. Since we are in the uptrend, according to the daily chart, my advice is to watch for buying opportunities.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1.6689
R2: 1.6745
R3: 1.6836
Support levels:
S1: 1.6508
S2: 1.6452
S3: 1.6362
Trading recommendation: Be careful with selling EUR/NZD and watch for buying opportunities.
The material has been provided by InstaForex Company – www.instaforex.com
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