Recently, EUR/NZD has been trading downward. As we had expected, the price tested the level of 1.4720 in a volume below the average (finished bearish correction). The short-term trend is bullish. Be careful when selling EUR/NZD around the price of 1.4720. According to Fibonacci expansion, the next bullish objective point is at the price of 1.5000 (Fibonacci expansion 161.8%). According to the daily time frame, we can observe supply in a very low volume. I have placed Fibonacci retracement to find potential support levels. I got Fibonacci retracement 38.2% at the price of 1.4620, Fibonacci retracement 50% at the price of 1.4535 and Fibonacci expansion 61.8% at the price of 1.4450.
Fibonacci Pivot Points:
Resistance levels:
R1: 1.4870
R2: 1.4905
R3: 1.4960
Support levels:
S1: 1.4760
S2: 1.4730
S3: 1.4670
Trading recommendations: Be careful when selling EUR/NZD and watch for potential buying opportunities after a retracement.
The material has been provided by InstaForex Company – www.instaforex.com
Overview:
Recently, EUR/NZD has been trading downward. As we had expected, the price tested the level of 1.4720 in a volume below the average (finished bearish correction). The short-term trend is bullish. Be careful when selling EUR/NZD around the price of 1.4720. According to Fibonacci expansion, the next bullish objective point is at the price of 1.5000 (Fibonacci expansion 161.8%). According to the daily time frame, we can observe supply in a very low volume. I have placed Fibonacci retracement to find potential support levels. I got Fibonacci retracement 38.2% at the price of 1.4620, Fibonacci retracement 50% at the price of 1.4535 and Fibonacci expansion 61.8% at the price of 1.4450.
Fibonacci Pivot Points:
Resistance levels:
R1: 1.4870
R2: 1.4905
R3: 1.4960
Support levels:
S1: 1.4760
S2: 1.4730
S3: 1.4670
Trading recommendations: Be careful when selling EUR/NZD and watch for potential buying opportunities after a retracement.
The material has been provided by InstaForex Company – www.instaforex.com
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