Overview:
Since our last analysis the EUR/NZD pair has been trading in the downward movement, the price tested the level of 1.6478 on the volume below the average. We are still waiting for the upward movement and testing the level of 1.7360. Since we broke FE 161.8 %,we may see testing of FE 261.8 % at the price of 1.6320 before we start with upward movement . The current situation in (4H) timeframe is that we have got downward move on increasing volumes. That is a sign that we may see further downward movement before we start to move upwards. In the daily chart we can observe weak supply bar on volume below 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: 1.6758
R2: 1.6807
R3: 1.6885
Support levels:
S1: 1.6601
S2: 1.6552
S3: 1.6473
Trading recommendation: Be careful with selling and look for buying opportunities. I recommend 1.7360 as the second short-term target.
