Since our last analysis, the EUR/NZD pair has been trading downward movements, the price tested the level of 1.6273 on high volume. We are still waiting for more downward movements. We may expect the testing of Fibonacci RE 61.8% at the price of 1.5915. In the daily chart, we can observe supply bar on volume just above the average. This is sigh that we finished bullish corrective phase. I placed Fibonacci expansion to find a potential end of the corrective phase and I got FE 61.8 % at 1.6441, FE 100 % at the price of 1.6580 and FE 161.8 % (extreme extension) at the price of 1.6800. Since we are in the uptrend, according to the daily chart, we may see retracement from FR 61.8% (1.5915). Anyway, if the price breaks that area, we may see changing in trend dynamics from bullish to bearish.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1.6455
R2: 1.6507
R3: 1.6591
Support levels:
S1: 1.6288
S2: 1.6236
S3: 1.6153
Trading recommendation: Be careful with buying as we may see the testing of the area around 1.5915, before any upward movement.
The material has been provided by InstaForex Company – www.instaforex.com
Overview:
Since our last analysis, the EUR/NZD pair has been trading downward movements, the price tested the level of 1.6273 on high volume. We are still waiting for more downward movements. We may expect the testing of Fibonacci RE 61.8% at the price of 1.5915. In the daily chart, we can observe supply bar on volume just above the average. This is sigh that we finished bullish corrective phase. I placed Fibonacci expansion to find a potential end of the corrective phase and I got FE 61.8 % at 1.6441, FE 100 % at the price of 1.6580 and FE 161.8 % (extreme extension) at the price of 1.6800. Since we are in the uptrend, according to the daily chart, we may see retracement from FR 61.8% (1.5915). Anyway, if the price breaks that area, we may see changing in trend dynamics from bullish to bearish.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1.6455
R2: 1.6507
R3: 1.6591
Support levels:
S1: 1.6288
S2: 1.6236
S3: 1.6153
Trading recommendation: Be careful with buying as we may see the testing of the area around 1.5915, before any upward movement.
The material has been provided by InstaForex Company – www.instaforex.com
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