our last analysis, EUR/NZD was trading sideways around the price of
1.5800. According to the daily time frame, we got supply in a volume
below the average, which caused price to continue with upward
movement. I placed Fibonacci retracement to find potential
resistance levels and got Fibonacci retracement 38.2% at the price
of 1.5900 and Fibonacci retracement 61.8% at the price of 1.6000.
Selling EUR/NZD at this stage looks risky since we saw a lack of supply
around the price of 1.5745. We are waiting for a larger activity on the
market and stronger price action.
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