our last analysis, EUR/NZD has been trading sideways around the price
of 1.5800. We are facing very low volume on the market, so we are
waiting for a larger volume and stonger price action. According to the
daily time frame, we can observe weak demand on the market, which is
a sign that buying EUR/NZD looks risky. Our Fibonacci expansion 100%
at the price of 1.5800 is broken, so we may see possible testing the
level of 1.5520 (Fibonacci expansion 161.8%). If the price breaks the
level of 1.5800 in a high volume, we may see possible testing the
level of 1.5520 (Fibonacci expansion 161.8%), Anyway, if we see
larger reaction from buyers around the level of 1.5800, a bullish
corrective phase will be possible.
Fibonacci pivot levels:
recommendations: Be careful when buying EUR/NZD since our Fibonacci
expansion 100% got broken.
The material has been provided by InstaForex Company – www.instaforex.com