Overview:
Since our last analysis, the EUR/NZD pair has been trading sideways, around 1.6570, the price rejected the level of 1.6480 (FR 38.2 %) and tested level 1.6591 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 FR 38.2 % held, the level of 1.6480 is possible end of bearish corrective phase. I've placed Fibonacci expansion levels to find potential upper station and i got FE 61.8 % at 1.7000 like first possible station. According to the daily chart, we have got a demand bar on volume above 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: 1.6623
R2: 1.6659
R3: 1.6719
Support levels:
S1: 1.6503
S2: 1.6467
S3: 1.6407
Trading recommendation: Be careful with selling EUR/NZD and watch for buying opportunities after bearish corrective phase.
