our last analysis, EUR/NZD was trading upward. The price tested the
level of 1.6158 in a volume below the average. Our Fibonacci
retracement 38.2% at the price of 1.6020 has been held successfully,
and it made price start with an upward movement. I have placed Fibonacci
expansion to find potential resistance level and I got Fibonacci
expansion 61.8% at the price of 1.6160. According to the 4H time
frame, we can observe weak demand in the background. Since we got new
swing high, I have plaved Fibonacci retracement to find potential
support levels and I got Fibonacci retracement 38.2% at the price of
1.6035 and Fibonacci retracement 61.8% at the price of 1.5960. So, be
careful when buying EUR/NZD at this stage since price rejected from
our resistance level.
Fibonacci pivot levels:
recommendations: Be careful when buying the EUR/NZD pair since we got
a rejection from our resistance level.
The material has been provided by InstaForex Company – www.instaforex.com