Recently, EUR/NZD has been trading sideways around the level of 1.5240. As we expected, the price tested the level of 1.5251 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 the sideways market. According to the daily time frame, demand in a volume just above average. It looks like that major resistance at this stage is around the price of 1.5310 (Fibonacci retracement 50% and strong cluster). If the price breaks the level of 1.5310 (price action resistance), we may see possible testing of the level of 1.5450. Anyway, buying at this stage looks risky since the price is near the critical resistance.
Fibonacci Pivot Points:
Trading recommendations: Be careful when buying EUR/NZD at this stage since it is on critical resitance.
The material has been provided by InstaForex Company – www.instaforex.com