Overview:
Since our last analysis, the EUR/NZD pair has been trading upwards, like we expected, the price tested the level of 1.6773 on volume above the average. As you can see from the chart, we got selling climax (large volume)at price 1.6675 and after that we saw volume leveling off, which was good sign for bullish movement .Currently, the price rejected successfully from Fibonacci retracement 38.2% (1.6687).We placed Fibonacci expansion levels to find potential upper station, and we got Fibonacci Expansion 100% at price 1.6790 anf FE 161.8 % at price 1.6910.If price breaks level of 1.6790 on high volume, we may expect testing of next upper station at 1.6910 (FE 161.8 %).
Daily pivot Fibonacci points:
Resistance levels:
R1: 1.6730
R2: 1.6744
R3: 1.6768
Support levels:
S1: 1.6682
S2: 1.6668
S3: 1.6644
Trading recommendation: Be careful with selling the EUR/NZD pair and watch for buying opportunities with potential upper station at 1.6790 and 1.6910.
