our last analysis, EUR/NZD has been trading downwards. As we
expected, the price rejected from the level of 1.6150 and tested the
level of 1.5958.. According to the 4H time frame, we can observe weak
demand, which is a sign that buying EUR/NZD looks risky. Our support
at the price of 1.5980 is on the test so if the price breaks the
level of 1.5980 in a high volume and strong price action, we may see
testing the level of 1.5900 (swing low like support) and 1.5800
(Fibonacci expansion 100%).
Fibonacci pivot levels:
recommendations: Be careful when buying EUR/NZD pair since we got
successful rejection from our Fibonacci expansion 100%.
The material has been provided by InstaForex Company – www.instaforex.com