Since our last analysis, the EUR/NZD pair has been trading upwards, like we expected, the price tested the level of 1.6934 (met FE 161.8 %) on high volume. 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 causes price to start bullish continuation phase. Since price broke our FE 161.8 %, next upper station may be level of 1.7000 (major FE 61.8 %). According to the 30-min chart we can see increasing volume on upper legs, which is good sign of EUR strenght. Be careful with selling this pair and watch for buying on dips.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1.6789
R2: 1.6814
R3: 1.6853
Support levels:
S1: 1.6711
S2: 1.6686
S3: 1.6647
Trading recommendation: Be careful with selling the EUR/NZD pair and watch for buying opportunities with potential upper station at 1.7000
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 1.6934 (met FE 161.8 %) on high
volume. 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 causes price to
start bullish continuation phase. Since price broke our FE 161.8 %, next upper
station may be level of 1.7000 (major FE 61.8 %). According to the 30-min chart we
can see increasing volume on upper legs, which is good sign of EUR strenght. Be
careful with selling this pair and watch for buying on dips.
Daily pivot Fibonacci
points:
Resistance levels:
R1: 1.6789
R2: 1.6814
R3: 1.6853
Support levels:
S1: 1.6711
S2: 1.6686
S3: 1.6647
Trading recommendation: Be careful with selling the EUR/NZD
pair and watch for buying opportunities with potential upper station at 1.7000
The material has been provided by InstaForex Company – www.instaforex.com
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