Overview:
Since our previous analysis, the EUR/NZD pair has been trading sideways, around the price of 1.5930, we are still waiting for a larger movement. According to the 15-min timeframe, we can observe strong bearish reaction around our intraday resinstance at the price of 1.5945. We may see possible testing the level of 1.5914 (previous swing low). To confirm futrher larger bearish movement, as we already wrote, price needs to break the level of 1.5745 (major swing low) on higher volume. A support level is around the price of 1.5910 (previous swing high). Anyway, if the price starts with upward movement, we may expect re-testing the level of 1.6010 (previus swing high).
Daily pivot Fibonacci points:
Resistance levels:
R1: 1.5979
R2: 1.5998
R3: 1.6029
Support levels:
S1: 1.5917
S2 : 1.5898
S3: 1.5867
Trading recommendation: Be careful with buying the EUR/NZD and watch for selling opportunities after retracement.
The material has been provided by InstaForex Company - www.instaforex.com
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