Recently, EUR/NZD is moving upwards. As we expected, the price tested the level of 1.6138 in an ultra-high volume with a very wide spread (buying climax). In the daily time frame, we can observe a strong bullish bar. Our strong trading range between 1.5925 (resistance) and 1.5675 (support) was finally broken (re-accumulation). Be careful when selling EUR/NZD and watch for buying opportunities on dips. I had placed Fibonacci retracement to find potential support levels. I got Fibonacci retracement 38.2% at 1.5950, Fibonacci retracement 50% at 1.5890, and Fibonacci retracement 61.8% at 1.5835. Next bullish objective points are at 1.6200 and 1.6400.
Fibonacci Pivot Points :
Resistance levels:
R1: 1.5900
R2: 1.6060
R3: 1.6280
Support levels:
S1: 1.5435
S2: 1.5250
S3: 1.5060
Trading recommendations: Be careful when selling EUR/NZD since we saw strong bullish momentum and broken trading range in the background. Watch for potential buying opportunities on the dips.
The material has been provided by InstaForex Company – www.instaforex.com
Overview:
Recently, EUR/NZD is moving upwards. As we expected, the price tested the level of 1.6138 in an ultra-high volume with a very wide spread (buying climax). In the daily time frame, we can observe a strong bullish bar. Our strong trading range between 1.5925 (resistance) and 1.5675 (support) was finally broken (re-accumulation). Be careful when selling EUR/NZD and watch for buying opportunities on dips. I had placed Fibonacci retracement to find potential support levels. I got Fibonacci retracement 38.2% at 1.5950, Fibonacci retracement 50% at 1.5890, and Fibonacci retracement 61.8% at 1.5835. Next bullish objective points are at 1.6200 and 1.6400.
Fibonacci Pivot Points :
Resistance levels:
R1: 1.5900
R2: 1.6060
R3: 1.6280
Support levels:
S1: 1.5435
S2: 1.5250
S3: 1.5060
Trading recommendations: Be careful when selling EUR/NZD since we saw strong bullish momentum and broken trading range in the background. Watch for potential buying opportunities on the dips.
The material has been provided by InstaForex Company – www.instaforex.com
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