Overview:
Since our last analysis the EUR/NZD pair rejected from level 1.6563 like we expected and tested level 1.6910, we got our intraday target at price 1.6730. After testing of level 1.6910 we saw drop to level 1.6634 so we placed our Fibonacci expansion levels to watch (marked swings A,B,C,D). We got FE 61.8% at price 1.6560. If the price breaks FE 61.8% at price 1.6560 that means that we have started a major corrective phase and that 1.6342 level is possible. Current situation on (1H) time frame is that the price is heading to test our FE 61.8% at price 1.6560. Since we have space for major corrective phase I advise you to watch for selling opportunities in case that price breaks 1.6560.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1.6866
R2: 1.6957
R3: 1.7105
Support levels:
S1: 1.6571
S2: 1.6480
S3: 1.6333
Trading recommendation: Be careful with short-term buying and look for selling opportunities. I recommend 1.6342 for down target if price breaks FE 61.8 % (1.6560).
