In our last analysis, EUR/NZD has been trading upwards. As we expected, the price tested the level of 1.5978 in a volume above the average. According to the daily time frame, we can observe demand on the market in a volume below the average. I have placed Fibonacci retracement to find potential resistnace level and I got Fibonacci retracement 38.2% at the price of 1.5970 . Be careful when buying EUR/NZD at this stage and watch for potential selling opportunities after retracement.
Daily Fibonacci pivot levels:
Resistance levels:
R1: 1.5829
R2: 1.5862
R3: 1.5917
Support levels:
S1: 1.5720
S2: 1.5687
S3: 1.5633
Trading recommendations: Be careful when buying EUR/NZD since we may expect reaction from sellers
The material has been provided by InstaForex Company – www.instaforex.com
Overview:
In
our last analysis, EUR/NZD has been trading upwards. As we expected,
the price tested the level of 1.5978 in a volume above the average.
According to the daily time frame, we can observe demand on the
market in a volume below the average. I have placed Fibonacci
retracement to find potential resistnace level and I got Fibonacci
retracement 38.2% at the price of 1.5970 . Be careful when buying
EUR/NZD at this stage and watch for potential selling opportunities
after retracement.
Daily
Fibonacci pivot levels:
Resistance
levels:
R1:
1.5829
R2:
1.5862
R3:
1.5917
Support
levels:
S1:
1.5720
S2:
1.5687
S3:
1.5633
Trading
recommendations: Be careful when buying EUR/NZD since we may expect
reaction from sellers
The material has been provided by InstaForex Company – www.instaforex.com
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