Overview:
Our last analysis, EUR/NZD has been trading downwards. As we expected, the price tested the level of 1.6215 in an ultra high volume (selling climax). Our Fibonacci expansion 161.8% at the price of 1.6300 held successful, which is a sign that buying looks risky. According to the 4H time frame, EUR/NZD is in a bearish corrective phase. I have placed Fibonacci retracement to find support levels and I got Fibonacci retracement 38.2% at the price of 1.6165 and Fibonacci retracement 61.8% at the price of 1.5900. Anyway, to confirm further bullish movement, the price needs to break the level of 1.6300 in a high volume and with healthy price action.
Daily Fibonacci pivot levels :
Resistance levels:
R1: 1.6426
R2: 1.6506
R3: 1.6635
Support levels:
S1: 1.6169
S2: 1.6090
S3: 1.5961
Trading recommendations: Be careful when buying the EUR/NZD pair, since we since we can observe bearish corrective phase
The material has been provided by InstaForex Company - www.instaforex.com
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