Since our last analysis, the EUR/NZD pair has been trading sideway around the price of 1.6681. We are still waiting for further bullish movement and the testing of 1.7000. Since our FR 38.2% has held, the level of 1.6480 is the possible end of the bearish corrective phase. I have placed Fibonacci expansion levels to find potential upper station and I got FE 61.8% at 1.7000 like the 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. Anyway, if the price breaks the previous low area at 1.6440, we may see the testing of 1.6355 (FE 100 %), before we continue with bullish momentum. 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: 1.6721
R2: 1.6761
R3: 1.6825
Support levels:
S1: 1.6593
S2: 1.6553
S3: 1.6489
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 sideway around the price of 1.6681. We are still waiting for further bullish movement and the testing of 1.7000. Since our FR 38.2% has held, the level of 1.6480 is the possible end of the bearish corrective phase. I have placed Fibonacci expansion levels to find potential upper station and I got FE 61.8% at 1.7000 like the 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. Anyway, if the price breaks the previous low area at 1.6440, we may see the testing of 1.6355 (FE 100 %), before we continue with bullish momentum. 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: 1.6721
R2: 1.6761
R3: 1.6825
Support levels:
S1: 1.6593
S2: 1.6553
S3: 1.6489
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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