Since our last analysis, the EUR/NZD pair has been trading upwards, like we expected, the price tested the level of 1.6587 on high volume. We are still waiting for the testing of the level of 1.6700. Since our major Fibonacci expansion 61.8% has held, we may expect re-building of bullish strength. As you can see in the chart, we also got decreasing in volume on downward legs that is another good sign that we may see major bullish continuation. According to the daily chart, we got demand bar on volume above the average. Since we are in the uptrend, according to the daily chart, my advice is to watch for buying opportunities and the first potential upper station at the previous high area at 1.6700.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1.6452
R2: 1.6503
R3: 1.6587
Support levels:
S1: 1.6284
S2: 1.6233
S3: 1.6149
Trading recommendation: Be careful with selling EUR/NZD and watch for buying opportunities after downward corrections.
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 the level of 1.6587 on high volume. We are still waiting for the testing of the level of 1.6700. Since our major Fibonacci expansion 61.8% has held, we may expect re-building of bullish strength. As you can see in the chart, we also got decreasing in volume on downward legs that is another good sign that we may see major bullish continuation. According to the daily chart, we got demand bar on volume above the average. Since we are in the uptrend, according to the daily chart, my advice is to watch for buying opportunities and the first potential upper station at the previous high area at 1.6700.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1.6452
R2: 1.6503
R3: 1.6587
Support levels:
S1: 1.6284
S2: 1.6233
S3: 1.6149
Trading recommendation: Be careful with selling EUR/NZD and watch for buying opportunities after downward corrections.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: