Since our previous analysis, the EUR/NZD pair has been trading downwards, the price tested the level of 1.6308 on ultra high volume (selling climax). We can observe selling climax at the price of 1.6308, which is sign that selling at this stage looks risky. The level of 1.6308 is major support for this pair since we have there major corrective Fibonacci expansion 61.8%. We can also observe submajor corrective Fibonacci expansion level 161.8% at the price of 1.6335. Be careful with selling since we may see the end of bearish corrective phase (abcd) and we also have selling climax on the low new ground. 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. Any larger demand on the high volume may confirm potential bullish continution phase.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1.6514
R2: 1.6536
R3: 1.6571
Support levels:
S1: 1.6445
S2 : 1.6423
S3: 1.6389
Trading recommendation: Be careful with selling the EUR/NZD pair, watch for buying opportunities and try to catch the potential 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 1.6308 on ultra high volume (selling
climax). We can observe selling climax at the price of 1.6308, which is sign
that selling at this stage looks risky. The level of 1.6308 is major support
for this pair since we have there major corrective Fibonacci expansion 61.8%. We
can also observe submajor corrective Fibonacci expansion level 161.8% at the
price of 1.6335. Be careful with selling
since we may see the end of bearish corrective phase (abcd) and we also have selling climax on the low new ground. 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. Any larger demand on the high volume may confirm
potential bullish continution phase.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1.6514
R2: 1.6536
R3: 1.6571
Support levels:
S1: 1.6445
S2 : 1.6423
S3: 1.6389
Trading recommendation: Be careful with selling the EUR/NZD
pair, watch for buying opportunities and try to catch the potential bullish continuation
phase.
The material has been provided by InstaForex Company – www.instaforex.com
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