Overview:
Since our last analysis, the EUR/NZD pair has been trading downward, the price tested the level of 1.6218 on high volume. As you can see in the chart, FR 61.8 %В did not В holdВ at 1.6330. We may see the testing of major Fibonacci Expansion level at 1.6150, before major bullish continuation phase. In case that price start bullish movement, we may see testing of previous swing low at 1.6345. Do not forget EUR/NZD is in short-mid term bullish trend and selling EUR/NZD at this stage 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
Trading recommendation: Be careful with selling the EUR/NZD pair and watch for buying opportunities after the bearish corrective phase.
