Recently, EUR/NZD has been moving downwards. As we expected, the price tested the level of 1.6156. In the daily time frame, we can observe a neutral bar. Our Fibonacci retracement 50% major held successfully and the price successfully rejected. Selling EUR/NZD at this stage looks very risky. We can observe buyers supporting level of 1.6250 (intraday support). We may see possible testing of the level of 1.6500.
Fibonacci Pivot Points :
Trading recommendations: Be careful when selling at this stage. Buying positions are preferable.
The material has been provided by InstaForex Company – www.instaforex.com