Overview:
Since our last analysis the EUR/NZD pair has been trading in the downwards movement, the price tested level of 1.6900 on high volume and started small corrective phase as we expected. We are still waiting for the upward movement and testing the level of 1.7360. I placed Fibonacci Expansion levels to find potential end of down corrective phase and I got FE 61.8% at price 1.6916 and FE 100% at price 1.6795 .The current situation in (4H) time frame is that we have got upward move on increasing volume. That is a sign that the downward corrective phase ended (we got point D). In the daily chart we can observe no supply bar on volume below the average. This is a sign that this is a corrective phase and we should wait end of corrective phase before we see an ascending move and a test of the level of 1.7360 (FE 61.8 %). Since we are in the uptrend, according to the daily chart, I advise you to watch for buying opportunities.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1.7119
R2: 1.7155
R3: 1.7214
Support levels:
S1: 1.7002
S2: 1.6966
S3: 1.6908
Trading recommendation: Be careful with selling and look for buying opportunities. I recommend 1.7360 as the second short-term target.
