Overview:
Since our last analysis, the EUR/NZD pair has been trading downwards. Just as we exptected, the price tested the level of 1.6480 (FR 38.2 %) on volume above the average. Potential levels for the end of the bearish correcrtive phase are 1.6480, 1.6427, 1.6351, 1.6270. Since our major Fibonacci expansion 61.8% was held, we may expect a re-building of a bullish strength. According to the daily chart, we have got a supply bar on volume below the average. Since we are in the uptrend, according to the daily chart, my advice is to watch for buying opportunities after bearish corrective phase.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1.6642
R2: 1.6688
R3: 1.6761
Support levels:
S1: 1.6495
S2: 1.6449
S3: 1.6375
Trading recommendation: Be careful with selling EUR/NZD and watch for buying opportunities after bearish corrective phase.
