Recently, EUR/NZD has been moving downwards. The price tested the level of 1.5442 in a high volume. According to the 1H time frame, I found potential end of bearish corrective phase (ABC). The price stopped at Fibonacci expansion 100% where A is equal to C. There is also a stopping volume (ultra high volume bar). Be careful when selling and watch for buying opportunities. I found potential bullish flag formation. So, watch for potential breakout of pattern to confirm upward continuation. First take profit level is set at the price of 1.5560.
Fibonacci Pivot Points:
Resistance levels:
R1: 1.5550
R2: 1.5570
R3: 1.5600
Support levels:
S1: 1.5485
S2: 1.5465
S3: 1.5435
Trading recommendations for today: Watch for buying opportunities.
The material has been provided by InstaForex Company - www.instaforex.comfrom www.instaforex.com http://ift.tt/2bkcoZp
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