Overview:
Since our last analysis the EUR/NZD pair has been trading in upward moves, we made new high at price 1.6570 on volume just below the average. 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. I also added on the daily chart Fibonacci expansion levels and you can see that price almost tested FE 261.8 % at price 1.6620. On the (4H) chart I calculated previous up legs and I got that first up leg has 8 600 of total volume and second leg has 2 500 of total volume which is decreasing of 70%. Since price broke 1.3660 and made new high at 1.6570 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 : 1.6497
R2 : 1.6562
R3 : 1.6668
Support levels:
S1 : 1.6286
S2 : 1.6221
S3 : 1.6116
Trading recommendation: Be careful with short-term buying and look for selling opportunities. I recommend 1.6130 and 1.6050 for down targets.
