Since our last analysis, the EUR/NZD pair has been trading sideways, around the price of 1.6129, we are still waiting for testing the level 1.5940. I placed Fibonacci expansion to find a potential end of bearish corrective phase, and I got FE 61.8% at the price of 1.5940. We also got Fibonacci retracement 61.8% at the price of 1.5920. In my opinion, the corrective phase may end around the level of 1.6000-1.5920. 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:
Resistance levels:
R1: 1.6145
R2: 1.6168
R3: 1.6205
Support levels:
S1: 1.6071
S2: 1.6048
S3: 1.6011
Trading recommendation: Be careful with selling EUR/NZD and watch for buying opportunities after a bearish correction.
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 1.6129, we are still waiting for testing the level 1.5940. I placed Fibonacci expansion to find a potential end of bearish corrective phase, and I got FE 61.8% at the price of 1.5940. We also got Fibonacci retracement 61.8% at the price of 1.5920. In my opinion, the corrective phase may end around the level of 1.6000-1.5920. 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:
Resistance levels:
R1: 1.6145
R2: 1.6168
R3: 1.6205
Support levels:
S1: 1.6071
S2: 1.6048
S3: 1.6011
Trading recommendation: Be careful with selling EUR/NZD and watch for buying opportunities after a bearish correction.
The material has been provided by InstaForex Company – www.instaforex.com
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