Since our last analysis, EUR/NZD has been trading downwards. As we expected, the price tested the level of 1.5540 in a very high volume according to the daily time frame. It is still unsafe to buy anything, so watch for potential selling opportunities after retracement. According to the 4H time frame, we can observe weak reaction from buyears (reaction on ultra high volume supply), so buying looks very risky. Anyway, if the price breaks the level of 1.5550, we may see potential testing the level of 1.5455 (swing low like support).
Daily Fibonacci pivot levels :
Resistance levels:
R1: 1.5609
R2: 1.5629
R3: 1.5663
Support levels:
S1: 1.5541
S2: 1.5521
S3: 1.5487
Trading recommendations: Be careful when buying the EUR/NZD pair and watch for selling opportunities after retracement.
The material has been provided by InstaForex Company – www.instaforex.com
Overview:
Since our last
analysis, EUR/NZD has been trading downwards. As we expected, the
price tested the level of 1.5540 in a very high volume according to
the daily time frame. It is still unsafe to buy anything, so watch
for potential selling opportunities after retracement. According to
the 4H time frame, we can observe weak reaction from buyears
(reaction on ultra high volume supply), so buying looks very risky.
Anyway, if the price breaks the level of 1.5550, we may see potential
testing the level of 1.5455 (swing low like support).
Daily
Fibonacci pivot levels :
Resistance
levels:
R1: 1.5609
R2: 1.5629
R3: 1.5663
Support
levels:
S1: 1.5541
S2: 1.5521
S3: 1.5487
Trading
recommendations: Be careful when buying the EUR/NZD pair and watch
for selling opportunities after retracement.
The material has been provided by InstaForex Company – www.instaforex.com
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