Overview:
Recently, EUR/NZD has been moving upwards. The price tested the level of 1.6483 in an ultra high volume due to Draghi's speech yesterday. According to the 4H time frame, the price rejected from major resistance at the price of 1.6490. It still may be a distribution phase and we may see potential downward movements. If the price breaks the level of 1.6150, it will confirm further downward continuation. Anyway, the breakout of the level 1.6580 will confirm upward momentum. The short-term trend is still downward.
Fibonacci Pivot Points :
Resistance levels:
R1: 1.6470
R2: 1.6630
R3: 1.6885
Support levels:
S1: 1.5965
S2: 1.5810
S3: 1.5550
Trading recommendations : Buying EUR/NZD at this stage looks very risky. Watch for potential selling opportunities. Support level is at the price of 1.6150.
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 December 04, 2015 . Thanks for your support.
No comments:
Post a Comment