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Old 24-12-2015, 01:27
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Default Re: Daily technical analysis of EUR/NZD By INSTAFOREX

Recently, EUR/NZD has been moving sideways around the price of 1.6050. In the daily time frame, I found a weak supply bar. In the H4 time frame, I found a strong head-and-shoulders confirmed formation (a broken neckline). The price again broke the 200 SMA. Be careful when buying EUR/NZD at this stage since lower prices are expected. I have placed Fibonacci expansion to find potential support levels. I got Fibonacci expansion 61.8% at the level of 1.6070 (broken), Fibonacci expansion 100% is at the level of 1.5840, and Fibonacci expansion 161.8% is seen at the level of 1.5470.

Trading recommendations :
Buying EUR/NZD looks very risky at this stage since the price confirmed a head-and-shoulders formation. Watch for potential selling opportunities.

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