Overview:
Since our previous analysis, the EUR/NZD pair has been trading sideways, around the price of 1.6400, our previus analysis is still active.We can observe selling climax at the price 1.6363 and also testing of our Fibonacci Retracement 61.8 % (1.6432).. Be careful with selling this pair since we got selling climax in the background and Fibonacci retracement level around the price of1.6430.We can also observe rejectition from our FR 38.2% at the price 1.6523. In case that the price breaks the level of 1.6523, we may expect testing of FR 61.8 % at the price 1.6624. 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.In case that the price breaks the level of 1.6360 on higher volume, we may see testing the level of 1.6310 (major Fibonacci expansion 61.8%) before any bullish movement.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1.6518
R2: 1.6554
R3: 1.6613
Support levels:
S1: 1.6400
S2 : 1.6364
S3: 1.6305
Trading recommendation: Be careful with selling the EUR/NZD pair, watch for buying opportunities and try to catch the bullish continuation phase.
