Overview:
Since our last analysis the EUR/NZD pair has been trading in upward moves, we tested again level 1.6390 on lower volume on the daily chart (no demand bar). On the daily chart we got two climatic bars (ultra high volume bars) which is a strong sign that EUR/NZD is in overbought zone, so we may expect future down and starting of larger corrective phase on EUR/NZD. On the (4H) chart I calculated previous up legs and I got that first up leg has 22,000 of total volume and second leg has 12,800 of total volume which is decreasing of about 41%. Since price broke 1.3660 and made new high at 1.6390 we deleted our potential Fibonacci targets but we placed potential targets on previous swing low at price 1.6130 and swing high at price 1.6050. Buying this pair looks very risky so i advise you to watch for selling opportunities.
Daily pivot Fibonacci points:
Resistance levels:
R1 : 1.6379
R2 : 1.6443
R3 : 1.6546
Support levels:
S1 : 1.6173
S2 : 1.6109
S3 : 1.6006
Trading recommendation: Be careful with short-term buying and look for selling opportunities. I recommend 1.6130 and 1.6050 for down targets.
