Since our previous analysis, the EUR/NZD pair has been trading downwards, as we expected, the price tested the level of 1.5549 on average volume. Since our Fibonacci expansion 100% at the price of 1.5665 has got broken, we may see possible testing the level of 1.5335. According to the 4H timeframe, we can observe strong supply on ultra high volume (selling climax), which is a sign that buying looks risky. Watch for potential selling opportunities.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1.5631
R2: 1.5655
R3: 1.5695
Support levels:
S1: 1.5551
S2: 1.5527
S3: 1.5487
Trading recommendation: Be careful with buying the EUR/NZD pair 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 downwards,
as we expected, the price tested the level of 1.5549 on average
volume. Since our Fibonacci expansion 100% at the price of 1.5665 has
got broken, we may see possible testing the level of 1.5335.
According to the 4H timeframe, we can observe strong supply on ultra
high volume (selling climax), which is a sign that buying looks
risky. Watch for potential selling opportunities.
Daily
pivot Fibonacci points:
Resistance
levels:
R1:
1.5631
R2:
1.5655
R3:
1.5695
Support
levels:
S1:
1.5551
S2:
1.5527
S3:
1.5487
Trading
recommendation: Be careful with buying the EUR/NZD pair and watch for
selling opportunities after retracement.
The material has been provided by InstaForex Company – www.instaforex.com
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