Overview:
Since our last analysis, the EUR/NZD pair has been trading sideways, around the price of 1.6530. We are still waiting for the testing of the level of 1.6700. Since our major Fibonacci expansion 61.8% has held, we may expect re-building of bullish strength. As you can see in the chart, we also got decreasing in volume on downward leg that is another good sign that we may see major bullish continuation. According to the daily chart, we did not get any supply bar on average volume. Since we are in the uptrend, according to the daily chart, my advice is to watch for buying opportunities and the first potential upper station at the previous high area is at 1.6700.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1.6539
R2: 1.6570
R3: 1.6622
Support levels:
S1: 1.6436
S2: 1.6405
S3: 1.6354
Trading recommendation: Be careful with selling EUR/NZD and watch for buying opportunities after downward corrections.
