Overview:
Recently, EUR/NZD has been moving upwards. The price tested the level of 1.6229 in an average volume. In the daily time frame, I found testing of 200 SMA and 50 SMA. In the H4 time frame, I found a massive volume spike and wide-range bar (buying climax). Buying EUR/NZD at this stage looks risky. I placed Fibonacci retracement to find a potential end of the upward correction and got Fibonacci retracement 38.2% at the price of 1.6180 (successfully held) and Fibonacci retracement 61.8% at the price of 1.6395.
Fibonacci Pivot Points:
Resistance levels:
R1: 1.6090
R2: 1.6120
R3: 1.6170
Support levels:
S1: 1.5990
S2: 1.5955
S3: 1.5910
Trading recommendations: Buying EUR/NZD looks very risky at this stage since the price respected our daily 200 SMA in the H4 and daily time frames. 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 January 06, 2016 . Thanks for your support.
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