Since our last analysis, the EUR/NZD pair has been trading sideways, around the price of 1.6300. We have almost finished bearish corrective phase, and we are still waiting for the testing of 1.6800. I placed Fibonacci and I got FR 61.8% at the price of 1.6800. I also calculated volume in the legs and I got increasing in volume of 2% on the previous upper leg. In the (4h) chart, we can observe lack of supply after huge selling climax, which is a sign that corrective phase may end, so we can see further bullish movements. Since we are in the uptrend, according to the daily chart, my advise is to watch for buying opportunities after a correction.
Daily pivot Fibonacci points:
R1: 1.6436
R2: 1.6474
R3: 1.6535
Support levels:
S1: 1.6314
S2: 1.6276
S3: 1.6215
Trading recommendation: be careful with selling since EUR/NZD may start bullish continuation, and we may see the testing of the level of 1.6800.
The material has been provided by InstaForex Company – www.instaforex.com
Overview:
Since our last analysis, the EUR/NZD pair has been trading sideways, around the price of 1.6300. We have almost finished bearish corrective phase, and we are still waiting for the testing of 1.6800. I placed Fibonacci and I got FR 61.8% at the price of 1.6800. I also calculated volume in the legs and I got increasing in volume of 2% on the previous upper leg. In the (4h) chart, we can observe lack of supply after huge selling climax, which is a sign that corrective phase may end, so we can see further bullish movements. Since we are in the uptrend, according to the daily chart, my advise is to watch for buying opportunities after a correction.
Daily pivot Fibonacci points:
R1: 1.6436
R2: 1.6474
R3: 1.6535
Support levels:
S1: 1.6314
S2: 1.6276
S3: 1.6215
Trading recommendation: be careful with selling since EUR/NZD may start bullish continuation, and we may see the testing of the level of 1.6800.
The material has been provided by InstaForex Company – www.instaforex.com
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