Since our last analysis, the EUR/NZD pair has been trading upwards, like we expected. The price tested 1.6431 on average volume. 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: 1.6412
R2: 1.6461
R3: 1.6542
Support levels:
S1: 1.6251
S2: 1.6202
S3: 1.6122
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 upwards, like we expected. The price tested 1.6431 on average volume. 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: 1.6412
R2: 1.6461
R3: 1.6542
Support levels:
S1: 1.6251
S2: 1.6202
S3: 1.6122
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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