Overview:
Since our last analysis, the EUR/NZD pair has been trading upward, as expected, and the price tested first target level of 1.6728 on high volume. If the price breaks the area of 1.6720 on high volume, the next upper station may be 1.6880 (FE 161.8 %). 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 the 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 if price breaks 1.6720 on high volume we may see next upper station at 1.6880.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1.6719
R2: 1.6767
R3: 1.6844
Support levels:
S1: 1.6566
S2: 1.6518
S3: 1.6442
Trading recommendation: be careful with selling EUR/NZD and watch for buying opportunities if the price breaks 1.6720.
