Since our last analysis, the EUR/NZD pair has been trading upwards, as we expected, the price tested the level of 1.6393 on volume above the average. As you can see in the chart, our FR 61.8 % at 1.6270 held successfully and the price started upward movement from that point. We can observe that strong demand on high volume had entered the market at 1.6300 and caused the price to start upward movement. The price reached our first upper station at 1.6350. If it breaks 1.6400 on high volume, we may see testing of FE 161.8 % at 1.6480. 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 and try to catch bullish continuation phase.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1.6349
R2: 1.6373
R3: 1.6410
Support levels:
S1: 1.6274
S2: 1.6250
S3: 1.6212
Trading recommendation: Be careful with selling the EUR/NZD pair, watch for buying opportunities and try to catch bullish continuation phase.
The material has been provided by InstaForex Company – www.instaforex.com
Overview:
Since our last analysis, the EUR/NZD pair has been trading upwards,
as we expected, the price tested the level of 1.6393 on volume above the
average. As you can see in the chart, our FR 61.8 % at 1.6270 held
successfully and the price started upward movement from that point. We can observe
that strong demand on high volume had entered the market at 1.6300 and caused the price to start upward movement. The price
reached our first upper station at 1.6350. If it breaks 1.6400 on
high volume, we may see testing of FE 161.8 % at 1.6480. 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 and try to catch bullish
continuation phase.
Daily pivot Fibonacci
points:
Resistance levels:
R1: 1.6349
R2: 1.6373
R3: 1.6410
Support levels:
S1: 1.6274
S2: 1.6250
S3: 1.6212
Trading recommendation: Be careful with selling the EUR/NZD
pair, watch for buying opportunities and try to catch bullish continuation
phase.
The material has been provided by InstaForex Company – www.instaforex.com
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