Since our last analysis the EUR/NZD pair has been trading in downward moves like we expected, we got our first target level at price 1.6200. Just after testing of level 1.6120 the price rejected and made corrective move and tested level 1.6330. On the daily chart we got two climatic bars (ultra high volume bars) which is strong sign that EUR/NZD is in overbought zone, so we may expect future down and starting of larger corrective phase on EUR/NZD. On the (4H) chart I calculated previous up legs and i got that first up leg has 22,000 of total volume and second leg has 12,800 of total volume which is decreasing of about 41%. I placed Fibonacci expansion levels and I got targets at price 1.6185 (FE 61.8 %) and price 1.6090 (FE 100 %). Selling EUR/NZD around area 1.6270 looks very attractive and my advice is to look for selling opportunities.
Daily pivot Fibonacci points:
Resistance levels:
R1 : 1.6311
R2 : 1.6368
R3 : 1.6461
Support levels:
S1 : 1.6124
S2 : 1.6067
S3 : 1.5973
Trading recommendation: Be careful with short-term buying and look for selling opportunities. I recommend 1.6185 and 1.6090 for down targets.
The material has been provided by InstaForex Company – www.instaforex.com
Overview:
Since our last analysis the EUR/NZD pair has been trading in downward moves like we expected, we got our first target level at price 1.6200. Just after testing of level 1.6120 the price rejected and made corrective move and tested level 1.6330. On the daily chart we got two climatic bars (ultra high volume bars) which is strong sign that EUR/NZD is in overbought zone, so we may expect future down and starting of larger corrective phase on EUR/NZD. On the (4H) chart I calculated previous up legs and i got that first up leg has 22,000 of total volume and second leg has 12,800 of total volume which is decreasing of about 41%. I placed Fibonacci expansion levels and I got targets at price 1.6185 (FE 61.8 %) and price 1.6090 (FE 100 %). Selling EUR/NZD around area 1.6270 looks very attractive and my advice is to look for selling opportunities.
Daily pivot Fibonacci points:
Resistance levels:
R1 : 1.6311
R2 : 1.6368
R3 : 1.6461
Support levels:
S1 : 1.6124
S2 : 1.6067
S3 : 1.5973
Trading recommendation: Be careful with short-term buying and look for selling opportunities. I recommend 1.6185 and 1.6090 for down targets.
The material has been provided by InstaForex Company – www.instaforex.com
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