Since our last analysis, the EUR/NZD pair has been trading downward, the price tested the level of 1.6264 on lower volume. As you can see in the chart, we got FR 61.8 % at price 1.6270 from the most recent swings.We can observe that strong demand has entered the market at price 1.6220 and decreasing volume on previous down leg around the price of 1.6270.First upper station may be at level 1.6350 (swing high). If price breaks level of 1.6215 on high volume we may see major FE 61.8 % at price 1.6150 before bullish continuation phase. Do not forget EUR/NZD is in short-mid term bullish trend and selling EUR/NZD at this stage looks very risky, so watch for buying opportunities after the bearish corrective phase.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1.6341
R2: 1.6371 В
R3: 1.6419
Support levels:
S1: 1.6245
S2: 1.6215 В
S3: 1.6167
Trading recommendation: Be careful with selling the EUR/NZD pair and watch for buying opportunities after the bearish corrective phase.
The material has been provided by InstaForex Company – www.instaforex.com
Overview:
Since our last
analysis, the EUR/NZD pair has been trading downward, the price tested the
level of 1.6264 on lower volume. As you can see in the chart, we got FR 61.8 %
at price 1.6270 from the most recent swings.We can observe that strong demand
has entered the market at price 1.6220 and decreasing volume on previous down
leg around the price of 1.6270.First upper station may be at level 1.6350 (swing
high). If price breaks level of 1.6215 on high volume we may see major FE 61.8
% at price 1.6150 before bullish continuation phase. Do not forget EUR/NZD is
in short-mid term bullish trend and selling EUR/NZD at this stage looks very
risky, so watch for buying opportunities after the bearish corrective phase.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1.6341
R2: 1.6371 В
R3: 1.6419
Support levels:
S1: 1.6245
S2: 1.6215 В
S3: 1.6167
Trading recommendation: Be careful with selling the EUR/NZD
pair and watch for buying opportunities after the bearish corrective phase.
The material has been provided by InstaForex Company – www.instaforex.com
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