Since our previous analysis, the EUR/NZD pair has been trading upwards, as we expected, the price tested the level of 1.6390 on volume above the average. Our previous analysis is still valid. We can observe weak supply (high churn bar) on the market and rejection 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 of 1.6285. 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 1.6450 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: 1.6407
R2: 1.6429
R3: 1.6465
Support levels:
S1: 1.6335
S2 : 1.6313
S3: 1.6277
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
upwards, as we expected, the price tested the level of 1.6390 on volume above
the average. Our previous analysis is still valid. We can observe weak supply (high
churn bar) on the market and rejection 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 of 1.6285. 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 1.6450 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: 1.6407
R2: 1.6429
R3: 1.6465
Support levels:
S1: 1.6335
S2 : 1.6313
S3: 1.6277
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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