EUR/NZD is in downtrend over the mid to long term. I placed Fibonacci Expansion levels to find potential end of correction. We got swing A at price 1.4961, swing B at price 1.6353, swing C at price 1.5076 and potential swing D and FE 161.8% (potential end of correction) at price 1.7320. Since price broke FE 100% at price 1.6468 we got confirmation that FE 161.8% is valid target. We can also see from the graph that we got lack of supply (low volume zone) on previous down move according weekly chart, which is clear sign that we have demand on the market. My advice for short-mid term traders is to look for buying opportunities and first potential up target at price 1.7320.
Weekly pivot Fibonacci points:
Resistance levels:
R1 : 1.7042
R2 : 1.7183
R3 : 1.7411
Support levels:
S1 : 1.6586
S2 : 1.6445
S3 : 1.6217
Trading recommendation: Operating with the EUR/NZD pair, be careful with short-term selling and look for buying opportunities. My recommendation for first up target is 1.7320.
The material has been provided by InstaForex Company – www.instaforex.com
Overview:
EUR/NZD is in downtrend over the mid to long term. I placed Fibonacci Expansion levels to find potential end of correction. We got swing A at price 1.4961, swing B at price 1.6353, swing C at price 1.5076 and potential swing D and FE 161.8% (potential end of correction) at price 1.7320. Since price broke FE 100% at price 1.6468 we got confirmation that FE 161.8% is valid target. We can also see from the graph that we got lack of supply (low volume zone) on previous down move according weekly chart, which is clear sign that we have demand on the market. My advice for short-mid term traders is to look for buying opportunities and first potential up target at price 1.7320.
Weekly pivot Fibonacci points:
Resistance levels:
R1 : 1.7042
R2 : 1.7183
R3 : 1.7411
Support levels:
S1 : 1.6586
S2 : 1.6445
S3 : 1.6217
Trading recommendation: Operating with the EUR/NZD pair, be careful with short-term selling and look for buying opportunities. My recommendation for first up target is 1.7320.
The material has been provided by InstaForex Company – www.instaforex.com
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