Overview:
Since our last analysis, the EUR/NZD pair has been trading upward, as expected, and the price tested level of 1.6836 on high volume. Price broke the area of 1.6720 on high volume and 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 decrease 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.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1.6768
R2: 1.6807
R3: 1.6871
Support levels:
S1: 1.6639
S2: 1.6600
S3: 1.6535
Trading recommendation: Be careful with selling EUR/NZD and watch for buying opportunities
