Overview:
Since our previous analysis, the EUR/NZD pair has been trading upwards, as like we expected, the price tested the level of 1.6543 on ultra high volume (buying climax).We can observe buying climax at the price of 1.6535 and also testing of our Fibonacci retracement 38.2% (1.6523). Be careful with selling this pair since we got strong demand on the market and selling climax in the background. 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 onhigher 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: 1.6532
R2: 1.6577
R3: 1.6648
Support levels:
S1: 1.6390
S2 : 1.6345
S3: 1.6274
Trading recommendation: Be careful with selling the EUR/NZD pair,watch for buying opportunities and try to catch the bullish continuation phase.
