Since our last analysis, the EUR/NZD pair has been trading downwards, the price tested the level of 1.6453 on volume above the average. As you can see from the chart, according to the 1H chart, we can observe volume leveling off, which is good sign that we may see bullish continuiation. I placed Fibonacci levels to find the price for possible end of bearish corrective phase and I got FR 38.2 % (major) at 1.6440, FE 161.8 % at price 1.6361 and FR 61.8 % (submajor) at price 1.6323. Anyway, to confirm bullish continuation, we need good volume background and strong demand on the market. Be careful with selling EUR/NZD since we may see bullish continuation.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1.6798
R2: 1.6859
R3: 1.6957
Support levels:
S1: 1.6603
S2: 1.6542
S3: 1.6445
Trading recommendation: Be careful with selling the EUR/NZD pair and watch for buying opportunities after bearish correction.
The material has been provided by InstaForex Company – www.instaforex.com
Overview:
Since our last analysis, the EUR/NZD pair has been trading downwards, the price tested the level of 1.6453 on volume above the average. As you can see from the chart, according to the 1H chart, we can observe volume leveling off, which is good sign that we may see bullish continuiation. I placed Fibonacci levels to find the price for possible end of bearish corrective phase and I got FR 38.2 % (major) at 1.6440, FE 161.8 % at price 1.6361 and FR 61.8 % (submajor) at price 1.6323. Anyway, to confirm bullish continuation, we need good volume background and strong demand on the market. Be careful with selling EUR/NZD since we may see bullish continuation.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1.6798
R2: 1.6859
R3: 1.6957
Support levels:
S1: 1.6603
S2: 1.6542
S3: 1.6445
Trading recommendation: Be careful with selling the EUR/NZD pair and watch for buying opportunities after bearish correction.
The material has been provided by InstaForex Company – www.instaforex.com
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