Since our last analysis, the EUR/NZD pair has been trading downwards, like we expected. The price tested and rejected from the level of 1.5911 on ultra high volume (selling climax). Since our major Fibonacci expansion 61.8% held, we may expect re-building of bullish strength. As you can see in the chart, we also got high effort for the downward movements with no results which is another good sign that we may see major bullish continuation. Since we are in the uptrend, according to the daily chart, my advise is to watch for buying opportunities and first potential upper station at the previous high area at 1.6700
Daily pivot Fibonacci points:
Resistance levels:
R1: 1.6228
R2: 1.6272
R3: 1.6344
Support levels:
S1: 1.6083
S2: 1.6039
S3: 1.5966
Trading recommendation: Be careful with selling EUR/NZD and watch for buying opportunities…
The material has been provided by InstaForex Company – www.instaforex.com
Overview
Since our last analysis, the EUR/NZD pair has been trading downwards, like we expected. The price tested and rejected from the level of 1.5911 on ultra high volume (selling climax). Since our major Fibonacci expansion 61.8% held, we may expect re-building of bullish strength. As you can see in the chart, we also got high effort for the downward movements with no results which is another good sign that we may see major bullish continuation. Since we are in the uptrend, according to the daily chart, my advise is to watch for buying opportunities and first potential upper station at the previous high area at 1.6700
Daily pivot Fibonacci points:
Resistance levels:
R1: 1.6228
R2: 1.6272
R3: 1.6344
Support levels:
S1: 1.6083
S2: 1.6039
S3: 1.5966
Trading recommendation: Be careful with selling EUR/NZD and watch for buying opportunities…
The material has been provided by InstaForex Company – www.instaforex.com
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