Overview:
Since our last analysis the EUR/NZD pair after small down correction has continued trading upwards, it tested level 1.6285 and also double upper diagonals. If you can see from the graph it tested upper diagonals of both channels I created. On the daily chart we got buying climax (ultra high volume bar) yesterday which is strong sign that EUR/NZD is in overbought zone, so we may expect future down and starting of larger corrective phase on EUR/NZD. Selling EUR/NZD around area 1.6270 looks very attractive and my advice is to look for selling opportunities with potential down targets at price 1.6200 and 1.6050. Levels 1.6200 and 1.6050 are previous supply levels and we may expect testing of these levels.
Daily pivot Fibonacci points:
Resistance levels:
R1 : 1.6201
R2 : 1.6260
R3 : 1.6357
Support levels:
S1 : 1.6007
S2 : 1.5948
S3 : 1.5851
Trading recommendation: Be careful with short-term buying and look for selling opportunities. I recommend 1.6200 and 1.6050 for down targets.
