Overview:
Since our last analysis, the EUR/NZD pair has been trading sideways, around the price of 1.6600; we are still waiting testing of 1.6800. I placed Fibonacci and I got FR 61.8% at the price of 1.6800. I also calculated volume in the legs and I got increasing in volume of 2% on the previous upper leg. In the (4h) chart, we can observe up-thrust, which is sign that we may see bearish corrective phase before we continue to move upwards.The correction may end around the area of the previous high of 1.6500. Since we are in the uptrend, according to the daily chart, my advise is to watch for buying opportunities after the correction.
Daily pivot Fibonacci points:
R1: 1.6694
R2: 1.6722
R3: 1.6767
Support levels:
S1: 1.6604
S2: 1.6576
S3: 1.6531
Trading recommendation: Be careful with selling since EUR/NZD has started bullish continuation, and we may see the testing of the level of 1.6800.
