Overview:
Since our last analysis, the EUR/NZD pair has been trading upward movement, price rejected from the level of 1.6347 and tested level of 1.6489 . As you can see on the 1H chart, strong demand on ultra high volume entered В the market which is good sign for possible major bullish continuation. Since our FE 161.8 % is held successfully, selling EUR/NZD looks very risky. Anyway, to confirm bullish continuation phase, price needs to break the area of 1.6500., and then we may see testing of FR 61.8% at 1.6580 and potential bullish continuation from that point. Anyway, selling looks very risky so watch for buying opportunities above the 1.6500.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1.6459
R2: 1.6487
R3: 1.6532
Support levels:
S1: 1.6369
S2: 1.6341
S3: 1.6296
Trading recommendation: Be careful with selling the EUR/NZD pair and watch for buying opportunities above 1.6500
