Since our previous analysis, the EUR/NZD pair has been trading upwards, the price tested the level of 1.6195 on volume above the average. The price has broke our Fibonacci retracement 61.8% and tested our Fibonacci expansion 100% at the price of 1.6170 on ultra high volume (buying climax) according to the daily chart. Buying at this stage looks very risky since price is near resisntace level and we got buying climax in the background according to the daily chart. According to the 4H timeframe, we can observe buying pressure and selling also looks risky since we didint see any larger supply. Anyway, be careful with buying EUR/NZD since the price is near the resistance. Any larger supppy may signal further bearish movement.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1.6184
R2: 1.6217
R3: 1.6270
Support levels:
S1: 1.6077
S2: 1.6044
S3: 1.5990
Trading recommendation: Be careful with buying the EUR/NZD and watch for selling opportunities after retracement.
The material has been provided by InstaForex Company – www.instaforex.com
Overview:
Since our previous analysis, the EUR/NZD pair has been trading upwards, the price tested the level of 1.6195 on volume above the average. The price has broke our Fibonacci retracement 61.8% and tested our Fibonacci expansion 100% at the price of 1.6170 on ultra high volume (buying climax) according to the daily chart. Buying at this stage looks very risky since price is near resisntace level and we got buying climax in the background according to the daily chart. According to the 4H timeframe, we can observe buying pressure and selling also looks risky since we didint see any larger supply. Anyway, be careful with buying EUR/NZD since the price is near the resistance. Any larger supppy may signal further bearish movement.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1.6184
R2: 1.6217
R3: 1.6270
Support levels:
S1: 1.6077
S2: 1.6044
S3: 1.5990
Trading recommendation: Be careful with buying the EUR/NZD and watch for selling opportunities after retracement.
The material has been provided by InstaForex Company – www.instaforex.com
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