Overview:
Since our last analysis, the EUR/NZD pair has been trading upward, as expected, and the price tested level of 1.6634 on high volume. We are still waiting for the testing of the level of 1.6700. Since our major Fibonacci expansion 61.8% was held, we may expect a re-building of a bullish strength. As you can see in the chart, there is also a decreasing in volume on downward leg that is another good sign that we may see major bullish continuation. According to the daily chart, we have got a demand 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: 1.6594
R2: 1.6645
R3: 1.6728
Support levels:
S1: 1.6429
S2: 1.6378
S3: 1.6296
Trading recommendation: be careful with selling EUR/NZD and watch for buying opportunities.
