Since our last analysis the EUR/NZD pair has been trading upwards, price broke the level of 1.6915 (previous swing C level) and tested 1.7050. I placed Fibonacci expansion level for future up and I got FE 61.8% at price 1.7500. For future up view we need to break level 1.7106 (previous swing high).There is a still option that we may see larger down corrective phase but level 1.7106 must hold. Current situation on (4H) time frame is that we got large buying climax bar (ultra high volume bar) which may be potential reverse point. On the daily chart we can also see demand bar which is confirmation that we may see future up. Since we are in up trend and since we got increasing volume on previous up move buying above level 1.7106 looks attractive.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1.6882
R2: 1.6946
R3: 1.7049
Support levels:
S1: 1.6676
S2: 1.6612
S3: 1.6509
Trading recommendation: Be careful with selling and look for buying opportunities. I recommend 1.7500 for down target, if price breaks the level of 1.7106.
The material has been provided by InstaForex Company – www.instaforex.com
Overview:
Since our last analysis the EUR/NZD pair has been trading upwards, price broke the level of 1.6915 (previous swing C level) and tested 1.7050. I placed Fibonacci expansion level for future up and I got FE 61.8% at price 1.7500. For future up view we need to break level 1.7106 (previous swing high).There is a still option that we may see larger down corrective phase but level 1.7106 must hold. Current situation on (4H) time frame is that we got large buying climax bar (ultra high volume bar) which may be potential reverse point. On the daily chart we can also see demand bar which is confirmation that we may see future up. Since we are in up trend and since we got increasing volume on previous up move buying above level 1.7106 looks attractive.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1.6882
R2: 1.6946
R3: 1.7049
Support levels:
S1: 1.6676
S2: 1.6612
S3: 1.6509
Trading recommendation: Be careful with selling and look for buying opportunities. I recommend 1.7500 for down target, if price breaks the level of 1.7106.
The material has been provided by InstaForex Company – www.instaforex.com
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