Since our last analysis, the EUR/NZD pair has been trading sideways around the price of 1.6710. Today we did not observe major changes, so our analysis is still valid form ysterday. Thus, 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 1.6570, which was, in my opinion, a panic selling, so we may expect bullish movement. Anyway, if price breaks 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: 1.6725
R2: 1.6761
R3: 1.6818
Support levels:
S1: 1.6610
S2: 1.6574
S3: 1.6516
Trading recommendation: Be careful with selling the EUR/NZD pair 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 1.6710. Today we did not observe major changes, so our analysis is still valid form ysterday. Thus, 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 1.6570, which was, in my opinion, a panic selling, so we may expect bullish movement. Anyway, if price breaks 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: 1.6725
R2: 1.6761
R3: 1.6818
Support levels:
S1: 1.6610
S2: 1.6574
S3: 1.6516
Trading recommendation: Be careful with selling the EUR/NZD pair and watch for buying opportunities.
The material has been provided by InstaForex Company – www.instaforex.com
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