Overview:
Recently, EUR/NZD has been moving upwards. The price tested the level of 1.7119. In the daily time frame, we can observe a supply bar in an average volume. The intraday trend is neutral. On the H1 chart, we can observe a strong downward trading channel so be careful when buying EUR/NZD. I placed Fibonacci retracement to find potential mid-term support levels and got Fibonacci retracement 38.2% at the level of 1.6860, Fibonacci retracement 50% at 1.6280, and Fibonacci retracement 61.8% at 1.5740. Watch for potential selling opportunities after retracement.
Fibonacci Pivot Points :
Resistance levels:
R1: 1.7180
R2: 1.7265
R3: 1.7410
Support levels:
S1: 1.6900
S2: 1.6810
S3: 1.6670
Trading recommendations: Be careful when buying and watch for potential selling opportunities.
The material has been provided by InstaForex Company - www.instaforex.comFor detail explanation and best discovery on daily market trends and news you may visit via EUR/NZD analysis for October 08, 2015 . Thanks for your support.
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