Overview:
Since our previous analysis, the EUR/NZD pair has been trading sideways around the price of 1.6660, we are still waiting potential testing of the level of 1.6800 (major FE 61%).We can observe that strong demand has entered the market at the price of 1.6613 which is good sign of bullish strength. I have placed Fibonacci levels to find next upper level and I got FE major 61.8% at the price 1.6800. There is a chance that we may see smaller bearish correction and potential testing of the level of 1.6540 (FR 38.2%) in reaction of buying climax, but general direction is bullish. Do not forget that EUR/NZD is in short- and mid-term bullish trend and selling EUR/NZD at this stage looks very risky. Watch for buying opportunities on the dips and try to catch the bullish continuation phase.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1.6729
R2: 1.6772
R3: 1.6840
Support levels:
S1: 1.6593
S2 : 1.6550
S3: 1.6482
Trading recommendation: Be careful with selling the EUR/NZD pair, watch for buying opportunities and try to catch the bullish continuation phase.
