Overview:
Since our last analysis, the EUR/NZD pair has been trading downwards, the price reached level of 1.6736 (met FE 100 %) on volume above the average. As you can see from the chart, price rejected from level of 1.6990 and tested 1.6736 (bearish corrective phase in progress).I placed Fibonacci expansion levels to find potential end of bearish corrective phase and i got FE 100 % at 1.6746 and and FE 161.8 % at price 1.6633 . 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: 1.6896
R2: 1.6926
R3: 1.6973
Support levels:
S1: 1.6801
S2: 1.6771
S3: 1.6723
Trading recommendation: Be careful with selling the EUR/NZD pair and watch for buying opportunities after correction.
