Overview:
Recently, EUR/NZD has been moving upwards. As I had expected, the price tested the level of 1.6315. In the background, the price went down in an ultra-high volume (selling climax) trading around the level of 1.6180 looks very risky. I placed Fibonacci retracement to find potential support and got Fibonacci retracement 61.8% at the level of 1.6165. We may see potential retesting of 1.6730 in the next period. Selling looks very risky.
Fibonacci Pivot Points:
Resistance levels:
R1: 1.6340
R2: 1.6400
R3: 1.6500
Support levels:
S1: 1.6150
S2: 1.6085
S3: 1.5990
Trading recommendations : Selling EUR/NZD at this stage looks very risky since the price is testing the major support cluster. 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 11, 2015 . Thanks for your support.
No comments:
Post a Comment