Overview:
Since our previous analysis, the EUR/NZD pair has been trading upwards, as we expected, the price tested the level of 1.6403 on ultra high volume (buying climax). We can observe rejection from our major support zone at the price of 1.6308 which is good sign for potential bullish continuation phase. I placed Fibonacci retracement to find first upper stations and i got FR 38.2% at the price of 1.6423 and FR 61.8% at the price of 1.6515. Be careful with sellingsince we may see the end of bearish corrective phase (abcd) and we also got that strond demand entered the market. EUR/NZD is in short- and mid-term bullish trend, so watch for buying opportunities on the dips and try to catch the bullish continuation phase.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1.6465
R2: 1.6508
R3: 1.6578
Support levels:
S1: 1.6325
S2 : 1.6282
S3: 1.6212
Trading recommendation: Be careful with selling the EUR/NZD pair, watch for buying opportunities and try to catch the potential bullish continuation phase.
