Overview:
Since our last analysis, the EUR/NZD pair has been trading upwards, as we expected, the price tested and rejected from the our upper station level В at 1.6573 on very high volume. As you can see on the 1H chart, supply entered the market on the very high volume at 1.6570, so the price tested the area of 1.6325 (FR 61.8 %). If our FR 61.8 % can hold, we may see bullish continuation from that point. Otherwise, if the price breaks the area of 1.6325 on good volume background, we may see testing of В 1.6160 (Major FE 61.8 %) before major bullish continuation phase. Selling EUR/NZD looks very risky so watch for buying opportunities after the bearish corrective phase.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1.6542
R2: 1.6573
R3: 1.6622
Support levels:
S1: 1.6444
S2: 1.6413
S3: 1.6364 В
Trading recommendation: Be careful with selling the EUR/NZD pair and watch for buying opportunities after the bearish corrective phase.
