Since our last analysis, the EUR/NZD pair has been trading downwards, as we expected; the price tested the level of 1.6450, and we almost finished bearish corrective phase; we are still waiting for the testing of 1.6800. I placed Fibonacci and I got FR 61.8% at the price of 1.6800. I also calculated volume in the legs and I got increasing in volume of 2% on the previous upper leg. In the (4h) chart, we can observe lack of supply after huge selling climax, which is a sign that corrective phase may end, so we can see further bullish movements. Since we are in the uptrend, according to the daily chart, my advise is to watch for buying opportunities after the correction.
Daily pivot Fibonacci points:
R1: 1.6694
R2: 1.6727
R3: 1.6780
Support levels:
S1: 1.6588
S2: 1.6555
S3: 1.6502
Trading recommendation: Be careful with selling since EUR/NZD has started bullish continuation, and we may see the testing of the level of 1.6800.
The material has been provided by InstaForex Company – www.instaforex.com
Overview:
Since our last analysis, the EUR/NZD pair has been trading downwards, as we expected; the price tested the level of 1.6450, and we almost finished bearish corrective phase; we are still waiting for the testing of 1.6800. I placed Fibonacci and I got FR 61.8% at the price of 1.6800. I also calculated volume in the legs and I got increasing in volume of 2% on the previous upper leg. In the (4h) chart, we can observe lack of supply after huge selling climax, which is a sign that corrective phase may end, so we can see further bullish movements. Since we are in the uptrend, according to the daily chart, my advise is to watch for buying opportunities after the correction.
Daily pivot Fibonacci points:
R1: 1.6694
R2: 1.6727
R3: 1.6780
Support levels:
S1: 1.6588
S2: 1.6555
S3: 1.6502
Trading recommendation: Be careful with selling since EUR/NZD has started bullish continuation, and we may see the testing of the level of 1.6800.
The material has been provided by InstaForex Company – www.instaforex.com
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