Overview:
Since our last analysis, the EUR/NZD pair has been trading upwards, like we expected, the price reached our third target area around the level of 1.6990 (met FE 61.8 %) on ultra high volume. As you can see from the chart, price rejected from level of 1.6990 and tested 1.6819 (bearish corrective phase in progress).I placed Fibonacci expansion levels to find potential end of bearish corrective phase and i got FE 61.8 % at 1.6810 and FE 100 % at price 1.6742. According to the 30-min chart we can observe average volume on lower legs, which is good sign that we may see bullish continuiation.Price may test again previous swing highs at 1.6920 and 1.6990.Be careful with selling this pair and watch for buying opportunities after bearish correction.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1.6954
R2: 1.7011
R3: 1.7102
Support levels:
S1: 1.6771
S2: 1.6714
S3: 1.6622
Trading recommendation: Be careful with selling the EUR/NZD pair and watch for buying opportunities after correction.
