Since our last analysis, the EUR/NZD pair has been trading sideways, around the price of 1.6273, we are still waiting for more downward movements. Since the price has broken FE 261.8% (1.6276), we may expect the testing of Fibonacci RE 61.8% at the price of 1.5915. In the daily chart we can observe no demand bar on volume below the average. This is a sign that we may see further downward movements. Since we are in the uptrend, according to the daily chart, we may see retracement from FR 61.8%. 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: 1.6435
R2: 1.6476
R3: 1.6543
Support levels:
S1: 1.6301
S2: 1.6260
S3: 1.6193
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 sideways, around the price of 1.6273, we are still waiting for more downward movements. Since the price has broken FE 261.8% (1.6276), we may expect the testing of Fibonacci RE 61.8% at the price of 1.5915. In the daily chart we can observe no demand bar on volume below the average. This is a sign that we may see further downward movements. Since we are in the uptrend, according to the daily chart, we may see retracement from FR 61.8%. 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: 1.6435
R2: 1.6476
R3: 1.6543
Support levels:
S1: 1.6301
S2: 1.6260
S3: 1.6193
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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