Trading Conditions
Products
Tools
Overview:
Recently, EUR/NZD has been moving downwards .As I had expected, the price tested the level of 1.6018 in a high volume. In the H4 time frame, I found strong head and shoulders formation confirmed. Be careful when buying EUR/NZD at this stage since I expect lower prices. I had placed Fibonacci expansion to find potential support levels. I got Fibonacci expansion 61.8% at the level of 1.6070, Fibonacci expansion 100% at the level of 1.5840 (broken) and Fibonacci expansion 161.8% at the level of 1.5470.
Fibonacci Pivot Points:
Resistance levels:
R1: 1.6190
R2: 1.6240
R3: 1.6315
Support levels:
S1: 1.6035
S2: 1.5990
S3: 1.5910
Trading recommendations : Buying EUR/NZD looks very risky at this stage since the price confirmed head and shoulders formation. Watch for potential selling opportunities.
InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.