Overview:
In our last analysis, EUR/NZD has been trading upwards. The price tested the level of 1.6143 in an average volume. EUR/NZD is in a bullish corrective phase, so I have placed Fibonacci retracement to find potential resistance. I got Fibonacci retracement 61.8% at the price of 1.6145 (currently on the test). According to the 4H time frame, we can observe a bullish corrective phase (abcd). We also got an absorption volume in the background, which makes EUR/NZD very risky for mid-term buying.
Daily Fibonacci pivot levels:
Resistance levels:
R1: 1.6102
R2: 1.6138
R3: 1.6196
Support levels:
S1: 1.5987
S2: 1.5951
S3: 1.5894
Trading recommendations: Be careful when buying EUR/NZD pair since our Fibonacci retracement 61.8% is on the test
The material has been provided by InstaForex Company - www.instaforex.com
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