Since our last analysis, the EUR/NZD pair has been trading upwards, like we expected, the price tested the level of 1.6735 on volume above the average. As you can see from the chart, we got selling climax (large volume) at price 1.6675 and after that we saw volume leveling off, which is a good sign for potential bullish movement .Currently the price rejected from Fibonacci retracement 38.2% (1.6687).We placed Fibonacci expansion levels to find potential upper station, and we got Fibonacci Expansion 100% at price 1.6790.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1.6718
R2: 1.6738
R3: 1.6772
Support levels:
S1: 1.6650
S2: 1.6630
S3: 1.6596
Trading recommendation: Be careful with selling the EUR/NZD pair and watch for buying opportunities with potential upper station at 1.6790.
The material has been provided by InstaForex Company – www.instaforex.com
Overview:
Since our last analysis, the EUR/NZD pair has been trading upwards, like we expected, the price tested the level of 1.6735 on volume above
the average. As you can see from the chart, we got selling climax (large volume)
at price 1.6675 and after that we saw volume leveling off, which is a good sign for
potential bullish movement .Currently the price rejected from Fibonacci retracement
38.2% (1.6687).We placed Fibonacci expansion levels to find potential upper
station, and we got Fibonacci Expansion 100% at price 1.6790.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1.6718
R2: 1.6738
R3: 1.6772
Support levels:
S1: 1.6650
S2: 1.6630
S3: 1.6596
Trading recommendation: Be careful with selling the EUR/NZD
pair and watch for buying opportunities with potential upper station at 1.6790.
The material has been provided by InstaForex Company – www.instaforex.com
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