Overview:
Since our last analysis the EUR/NZD pair has been trading downward movement as like we expected, price tested level 1.6348 (FE 100 %). The level 1.6348 may be potential end of down correction. I placed Fibonacci expansion to find levels where corrective phase may finish and i got FE 100 % at price 1.6357 and FE 161.8 % at price 1.6030.The more chances for reverse point I see around the price 1.6357, since there is an also good supply zone (blue shape on chart). The current situation on (4H) time frame is that price rejected from level 1.6348 and tested level 1.6404. On a daily chart we can also observe no supply bar on volume below the average which is sign that we may see very soon up continuation. Since we are in an uptrend according to the daily chart, buying after every down correction looks quite attractive. In our case, buying from price 1.6357 (FE 100 %) and price 1.6030 depend on the market dynamics.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1.6602
R2: 1.6647
R3: 1.6719
Support levels:
S1: 1.6458
S2: 1.6413
S3: 1.6341
Trading recommendation: Be careful with selling and look for buying opportunities after down corrections. I recommend 1.7100 for short-term up target.
