Overview:
Since our last analysis, the EUR/NZD pair has been trading downwards, the price tested the level of 1.6321 as we expected. The current situation in (4H) timeframe is that we have got decreasing in volume in a downward move which is a sign that this is corrective phase. I placed Fibonacci expansion levels to find the potential end of the downward corrective phase and I have got FE 61.8 % at the price of 1.6292 like a potential level where we may finish corrective phase. In the daily chart, we can observe weak supply bar on volume below the average and a bounce back from the previous ascendant swing (blue shape), which is a sign that we may see an upstroke and a test of the level of 1.7360.Since we are in an uptrend, according to the daily chart, I advise you to watch for buying opportunities after the correction.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1.6537
R2: 1.6580
R3: 1.6650
Support levels:
S1: 1.6398
S2: 1.6355
S3: 1.6286
Trading recommendation: Be careful with selling and look for buying opportunities; I recommend 1.7100 for the short-term upward target and 1.7360 like second short term target if price breaks 1.7100.
