Since our last analysis the EUR/NZD pair has been trading sideways move around price 1.6976, we are still waiting larger move. I placed Fibonacci expansion level for future up and I got FE 61.8% at price 1.7500. Since we broke level 1.7106 (previous swing high), we may expect future up. Current situation on (4H) time frame is that we got large buying climax bar (ultra high volume bar) and decreasing volume on previous down move which is a sign that supply is weak. On the daily chart we can also see strong 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: 1.7021
R2: 1.7062
R3: 1.7128
Support levels:
S1: 1.6890
S2: 1.6849
S3: 1.6784
Trading recommendation: Be careful with selling and look for buying opportunities. I recommend 1.7500 for down target.
The material has been provided by InstaForex Company – www.instaforex.com
Overview:
Since our last analysis the EUR/NZD pair has been trading sideways move around price 1.6976, we are still waiting larger move. I placed Fibonacci expansion level for future up and I got FE 61.8% at price 1.7500. Since we broke level 1.7106 (previous swing high), we may expect future up. Current situation on (4H) time frame is that we got large buying climax bar (ultra high volume bar) and decreasing volume on previous down move which is a sign that supply is weak. On the daily chart we can also see strong 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: 1.7021
R2: 1.7062
R3: 1.7128
Support levels:
S1: 1.6890
S2: 1.6849
S3: 1.6784
Trading recommendation: Be careful with selling and look for buying opportunities. I recommend 1.7500 for down target.
The material has been provided by InstaForex Company – www.instaforex.com
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