Overview:
Since our last analysis, the EUR/NZD pair has been trading downward movement. The price broke level 1.6348 (FE 100 %) and tested 1.6219. Since we broke level 1.6348,we may expect testing of level 1.6030 (FE 161.8 %). 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 current situation on (4H) time frame is that we got increasing volume on previous down move. On a daily chart we can also observe the supply bar on volume just above the average which is a sign that we may see more down before we continue up movement. 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 (FE 161.8 %) depends on the market dynamics.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1.6475
R2: 1.6551
R3: 1.6672
Support levels:
S1: 1.6233
S2: 1.6157
S3: 1.6036
Trading recommendation: Be careful with selling and look for buying opportunities after down corrections. I recommend 1.7100 for short-term up target
