In our last
analysis, EUR/NZD was trading downward. As we expected, the price
tested the level of 1.5744 in a volume below the average. I placed
Fibonacci expansion to find potential resistance level. Our Fibonacci
expansion 61.8% at the price of 1.6160 was held successfully, and it
made price start with an downward movement. I placed Fibonacci
expansion to find potential support levels and got Fibonacci
expansion 100% at the price of 1.5800 (already broken) and Fibonacci
expansion 161.8% at the price of 1.5590. We also got support level
around the price of 1.5670 (swing low like support). Be careful when
buying EUR/NZD since we may see a lower price.
Fibonacci pivot levels:
recommendations: Be careful when buying the EUR/NZD pair since we
have a strong supply in the background.
The material has been provided by InstaForex Company – www.instaforex.com