Since our previous analysis, the EUR/NZD pair has been trading upwards, the price tested the level of 1.6190 on average volume. Our previous analysis is still active. Be careful with selling since we’ve got selling on very high volume, according to the daily chart. We can observe rejection from the level of 1.6083, which is sign that we may see possible bullish reaction. The EUR/NZD is in short- and mid-term bullish trend, so watch for buying opportunities on the dips and try to catch the bullish phase. To confrim potential bullish phase, we need to see strong demand on high volume on the market. Anyway, if the price breaks the level of 1.6130 on high volume, we may see testing of the level 1.6020 (Fibonacci expansion 100%) before any larger upward movement.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1.6262
R2: 1.6311
R3: 1.6391
Support levels:
S1: 1.6101
S2 : 1.6052
S3: 1.5971
Trading recommendation: Be careful with selling the EUR/NZD pair since we got selling climax according, to the daily chart.
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 1.6190 on average volume. Our
previous analysis is still active. Be careful with selling since we’ve got
selling on very high volume, according to the daily chart. We can observe
rejection from the level of 1.6083, which is sign that we may see possible bullish reaction. The EUR/NZD is in short- and mid-term
bullish trend, so watch for buying opportunities on the dips and try to catch
the bullish phase. To confrim potential bullish phase, we need to see strong
demand on high volume on the market. Anyway, if the price breaks the level of
1.6130 on high volume, we may see testing of the level 1.6020 (Fibonacci
expansion 100%) before any larger upward movement.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1.6262
R2: 1.6311
R3: 1.6391
Support levels:
S1: 1.6101
S2 : 1.6052
S3: 1.5971
Trading recommendation: Be careful with selling the EUR/NZD
pair since we got selling climax according, to the daily chart.
The material has been provided by InstaForex Company – www.instaforex.com
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