In our last analysis EUR/NZD was trading downwards. As we expected, the price has tested the level of 1.5213 in a volume below the average. Since our Fibnocci retracement 38.2% at the price of 1.5420 is broken, we may expext testing of the level of 1.5180. Be careful when selling EUR/NZD at this stage since we may expect reaction from buyers. Anyway, if the price breaks the level of 1.5180, we may see a possible testing of the level of 1.5060. According to the 4H time frame, we can observe lack of demand around the price of 1.5524, which is a sign that buying look risky.
Daily Fibonacci pivot levels:
Trading recommendations: Be careful when selling at this stage and watch for potential buying opportunities after retracement (buy on the dips).
Petar Jacimovic neemt deel aan de "Analyst of the Year" onderscheiding georganiseerd door MT5.com portal. Als u zijn artikel goed vindt, stemt u dan op hem.
Uitgevoerd door, Analytische expert
InstaForex Group © 2007-2015