our last analysis, EUR/NZD was trading upward.The price tested the
level of 1.5856 in a volume above the average. According to the daily
time frame, we can observe a lack of supply, which is a sign that selling
EUR/NZD at this stage looks risky. I have placed Fibonacci
retracement to find potential resistance levels and I got Fibonacci
retracement 38.2% at the price of 1.5900 and Fibonacci retracement
61.8% at the price of 1.6000. According to the 4H time frame, we can
observe lack of supply around the price of 1.5750. My advice is to
watch for potenatial selling opportunities after retracement.
Fibonacci pivot levels:
recommendations: Be careful when selling the EUR/NZD pair since we
have a lack of supply around the level of 1.5750.
The material has been provided by InstaForex Company – www.instaforex.com