Since our last analysis, the EUR/NZD pair has been trading upwards, as we expected, the price tested the level of 1.6685 on high volume. Currently, we can observe demand on the market and selling looks very risky. The price has reached our target level at 1.6690, and our next upper station is 1.6800 (Fibonacci Expansion 61.8 %), but just in case that the price breaks the level of 1.6700 (FR 61.8 %). 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: 1.6680
R2: 1.6733
R3: 1.6819
Support levels:
S1: 1.6507
S2 : 1.6454
S3: 1.6367
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 1.6685 on high volume. Currently, we can observe demand on the market and selling looks very
risky. The price has reached our target level at 1.6690, and our next upper
station is 1.6800 (Fibonacci Expansion 61.8 %), but just in case that the price
breaks the level of 1.6700 (FR 61.8 %). 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: 1.6680
R2: 1.6733
R3: 1.6819
Support levels:
S1: 1.6507
S2 : 1.6454
S3: 1.6367
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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