Overview:
Since our last analysis, the EUR/NZD pair has been trading sideways around the price of 1.6700. Thus, we are still waiting for further bullish movement and the testing of 1.7000. Since our FR 38.2% has held, the level of 1.6480 is the possible end of the bearish corrective phase. I have placed Fibonacci expansion levels to find potential upper station and I got FE 61.8% at 1.7000 like the first possible station. According to the 4H chart, we have got large selling climax at 1.6570, which was, in my opinion, a panic selling, so we may expect bullish movement. Anyway, if price breaks previous low area at 1.6440, we may see the testing of 1.6355 (FE 100 %), before we continue with bullish momentum. 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: 1.6753
R2: 1.6805
R3: 1.6888
Support levels:
S1: 1.6586
S2: 1.6534
S3: 1.6450
Trading recommendation: Be careful with selling the EUR/NZD and watch for buying opportunities.
