Overview:
Recently, EUR/NZD has been moving downwards. As I expected, the price tested the level of 1.6071 in a high volume. According to the H1 time frame, I placed Fibonacci retracement to find support levels and found strong rejection from Fibonacci retracement 61.8% at the price of 1.6070. Watch for potential buying opportunities on dips. Resistance levels are at the prices of 1.6350 and 1.6475. The short-term trend is still downward, but we may see a potential change in the trend's dynamic.
Fibonacci Pivot Points :
Resistance levels:
R1: 1.6320
R2: 1.6395
R3: 1.6520
Support levels:
S1: 1.6075
S2: 1.5995
S3: 1.5875
Trading recommendations : Selling EUR/NZD at this stage looks very risky. Watch for potential buying opportunities on dips.
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 07, 2015 . Thanks for your support.
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