Since our last analysis, the EUR/NZD pair has been trading upwards,as we expected, the price tested the level of 1.6434 on very high volume. As you can see in the chart, after the selling climatic action at 1.6270, EUR/NZD started upward movement. Currently, we can observe strong demand on the market and selling looks very risky. Price has reached our second target level at 1.6400, and our next upper station is 1.6490 (previous swing high). Do not forget EUR/NZD is in short- and mid-term bullish trend and selling EUR/NZD at this stage looks very risky, so watch for buying opportunities on the dips and try to catch bullish continuation phase.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1.6332
R2: 1.6354
R3: 1.6389
Support levels:
S1: 1.6262
S2 : 1.6240
S3: 1.6205
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 1.6434 on very high
volume. As you can see in the chart, after the selling climatic action at
1.6270, EUR/NZD started upward movement. Currently, we can observe strong demand
on the market and selling looks very risky. Price has reached our second
target level at 1.6400, and our next upper station is 1.6490 (previous
swing high). Do not forget EUR/NZD is in short- and mid-term bullish trend and
selling EUR/NZD at this stage looks very risky, so watch for buying opportunities
on the dips and try to catch bullish continuation phase.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1.6332
R2: 1.6354
R3: 1.6389
Support levels:
S1: 1.6262
S2 : 1.6240
S3: 1.6205
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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