Overview:
Since our last analysis, the EUR/NZD pair has been trading downwards, like we expected, the price tested and rejected from the level of 1.5195 on ultra high volume (selling climax). Since our Fibonacci retracement 61.8 % held, we may expect re-building of bullish strength. As you can see in the chart, we also got high effort for the downward movements with no results which is another good sign that we may see major bullish continuation. Since we are in the uptrend, according to the daily chart, my advise is to watch for buying opportunities and potential first target area at the previous high area at 1.6800.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1.6177
R2: 1.6241
R3: 1.6346
Support levels:
S1: 1.5968
S2: 1.5904
S3: 1.5800
Trading recommendation: Be careful with selling EUR/NZD and watch for buying opportunities after a bearish correction.
