Overview:
Since our last analysis, the EUR/NZD pair has been trading downwards, the price tested the level of 1.6300 (FE 261.8 %), like we expected. We are still waiting for an upward movement and testing the level of 1.7360. The current situation in (4H) timeframe is that we have got downward move on decreasing volumes. That is a sign that we may see further upwards movement. In the daily chart we can observe weak supply bar on volume just above the average. This is a sign that we may expect EUR recovery 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: 1.6392
R2: 1.6420
R3: 1.6465
Support levels:
S1: 1.6302
S2: 1.6274
S3: 1.6229
Trading recommendation: Be careful with selling and look for buying opportunities. I recommend 1.7360 as the second short-term target.
