Overview:
Since our last analysis the EUR/NZD pair has been trading in the downward movement, the price tested the level of 1.6688 on high volume and broke FE 100%, so now we may see testing FE 161.8 % at the price of 1.6600. We are still waiting for the upward movement and testing the level of 1.7360. I placed Fibonacci Expansion levels to find the potential end of the downward corrective phase and I got FE 161.8% at the price of 1.6600. The current situation in (4H) timeframe is that we have got downward move on decreasing volume. That is a sign that the downward corrective phase may end (we got potential point D). In the daily chart we can observe supply bar on volume just above the average. This is a sign that this is a corrective phase and we should wait for the end of the 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: 1.6921
R2: 1.6952
R3: 1.7003
Support levels:
S1: 1.6820
S2: 1.6789
S3: 1.6739
Trading recommendation: Be careful with selling and look for buying opportunities. I recommend 1.7360 as the second short-term target.
