Recently, EUR/NZD has been trading upwards. As we expected, the price tested the level of 1.5185 in a high volume. The short-term trend is bullish. Our target at 1.5155 (Fibonacci retracement 50%) has been reached and we can observe a completed bearish corrective phase in the background. According to the daily time frame, we can observe supply in a volume just above average in the background. Our target is at the price of 1.5450. Watch for potential buying opportunities on the dips (after bearish correction).
Fibonacci Pivot Points:
Trading recommendations: Be careful when selling EUR/NZD and watch for potential buying opportunities after a retracement.
The material has been provided by InstaForex Company – www.instaforex.com