Overview:
Since our previous analysis, the EUR/NZD pair has been trading downwards, the price tested the level of 1.6212 on very high volume (selling climax). Be careful with selling since we got selling climax on the low new ground. 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. The area of the 1.6215 is important since we can obserbe previous swing low at the price of 1.6215. If the price breaks the level of 1.6215 on strong volume reaction, we may see testing the level of 1.6130 (Fibonacci expansion 100%) before bullish continuation. Anyway, its very risky to sell at this stage so my advice is to watch for potential bullish movement if we see rejection from our level.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1.6377
R2: 1.6404
R3: 1.6447
Support levels:
S1: 1.6291
S2 : 1.6264
S3: 1.6221
Trading recommendation: Be careful with selling the EUR/NZD pair, watch for buying opportunities and try to catch the potential bullish continuation phase.
