Overview:
Since our last analysis, the EUR/NZD pair has been trading upwards; the price tested level of 1.6417. We are still waiting for more downward movement. Since the price has broken FE 261.8% (1.6276), we may expect testing of Fibonacci RE 61.8% at the price of 1.5915. In the daily chart we can observe no supply bar on volume below the average. This is a sign that we may expect small correction before further downward movements. Since we are in the uptrend, according to the daily chart, we may see retracement from FR 61.8%. Anyway, if the price breaks that area also, we may see changing in trend dynamic from bullish to bearish.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1.6318
R2: 1.6370
R3: 1.6454
Support levels:
S1: 1.6149
S2: 1.6097
S3: 1.6012
Trading recommendation: Be careful with buying since we may see testing of the area around 1.5915 before any upward movement.
