Since our previous analysis, the EUR/NZD pair has been trading downwards, the price tested the level of 1.6324 on average volume. Our previous analysis is still valid. We can observe weak supply on the market and testing of our Fibonacci retracement sub major 61.8% around the price of 1.6320. The area of 1.6300-1.6280 is major support since we’ve got major Fibonacci expansion 61.8% (1.6300) and sub major FE 61.8% at the price of1.6285. Selling around these areas looks very risky. I placed Fibonacci retracement to find potential upper stations and i got FE 38.2% at the price of 1.6435 1.6450 and FR 61.8% at the price of 1.6575. EUR/NZD is in short- and mid-term bullish trend, so watch for buying opportunities on the dips and try to catch the bullish continuation phase.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1.6425
R2: 1.6455
R3: 1.6502
Support levels:
S1: 1.6330
S2 : 1.6300
S3: 1.6252
Trading recommendation: Be careful with selling the EUR/NZD pair, watch for buying opportunities and try to catch the bullish continuation phase.
The material has been provided by InstaForex Company – www.instaforex.com
Overview:
Since our previous analysis, the EUR/NZD pair has been
trading downwards, the price tested the level of 1.6324 on average volume. Our
previous analysis is still valid. We can observe weak supply on the market and testing
of our Fibonacci retracement sub major 61.8% around the price of 1.6320. The
area of 1.6300-1.6280 is major support since we’ve got major Fibonacci
expansion 61.8% (1.6300) and sub major FE 61.8% at the price of1.6285. Selling
around these areas looks very risky. I placed Fibonacci retracement to find
potential upper stations and i got FE 38.2% at the price of 1.6435 1.6450 and FR
61.8% at the price of 1.6575. EUR/NZD is in short- and mid-term bullish trend,
so watch for buying opportunities on the dips and try to catch the bullish
continuation phase.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1.6425
R2: 1.6455
R3: 1.6502
Support levels:
S1: 1.6330
S2 : 1.6300
S3: 1.6252
Trading recommendation: Be careful with selling the EUR/NZD pair,
watch for buying opportunities and try to catch the bullish continuation phase.
The material has been provided by InstaForex Company – www.instaforex.com
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