Since our last analysis, the EUR/NZD pair has been trading sideways, around the level of 1.6500, we are still waiting for a potential test of FR 61,8% at the level of 1.6395, and our previous analysis is still intact. Currently, we are in progress of smaller bearish corrective phase. We can observe a robust supply which is good sign that we may see more downward movements before the bullish continuation phase. I have placed Fibonacci levels to find a potential end of the bearish corrective phase and I got FR 61.8% at te level of 1.6400, so we may see testing of this level before we continue with major bullish movement. Once we finish the bearish corrective phase, we may expect testing of the previous swing high at 1.6690. Do not forget that 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 the bullish continuation phase.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1.6613
R2: 1.6656
R3: 1.6725
Support levels:
S1: 1.6475
S2 : 1.6432
S3: 1.6363
Trading recommendation: Be careful with selling the EUR/NZD pair, watch for buying opportunities and try to catch the 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 sideways,
around the level of 1.6500, we are still waiting for a potential test of FR
61,8% at the level of 1.6395, and our previous analysis is still intact. Currently,
we are in progress of smaller bearish corrective phase. We can observe a robust supply which is good sign that we may see more downward
movements before the bullish continuation phase. I have placed Fibonacci levels to find a potential end of the bearish corrective phase and I got FR 61.8% at te level of 1.6400,
so we may see testing of this level before we continue with major bullish
movement. Once we finish the bearish corrective phase, we may expect testing of the
previous swing high at 1.6690. Do not forget that 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 the bullish
continuation phase.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1.6613
R2: 1.6656
R3: 1.6725
Support levels:
S1: 1.6475
S2 : 1.6432
S3: 1.6363
Trading
recommendation: Be careful with selling the EUR/NZD pair, watch for buying
opportunities and try to catch the bullish continuation phase.
The material has been provided by InstaForex Company – www.instaforex.com
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