our last analysis, EUR/NZD has been trading downwards. The price
tested the level of 1.5955 in a very high volume. We can observe
that the price has broken our Fibonacci retracement 61.8% at the price of
1.6095, which pushed the price to continue with downward pressure.
According to the 4H time frame, we can observe a bullish corrective
phase, so I have placed Fibonacci retracement to find potential
resistance levels. I got Fibonacci retracement 38.2% at the price of
1.6070 and Fibonacci retracement 61.8% at the price of 1.6140. We
also got absorption volume in the background, which makes EUR/NZD
very risky for mid-term buying.
Fibonacci pivot levels:
recommendations: Be careful when buying EUR/NZD pair since our
Fibonacci retracement 61.8% got broken
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