Overview:
Since our previous analysis, the EUR/NZD pair has been trading sideways, around the price of 1.5900, we are still waiting for a larger movement. According to the daily chart, we can observe neutral bar on volume above the average, which is a sign that we have got indecision currently. Our level of 1.5940 (Fibonacci retracement 38.2%) held successfully. If the price breaks that level of 1.5940 on higher volume, we may see potential testing the level of 1.6050 (Fibonacci retracement 61.8%) before any larger bearish movement. Price rejected from our Fibonacci expansion 161.8% level at the price of 1.5810 and that caused price to start bullish correction. Watch for selling opportunities after retracement.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1.5937
R2: 1.5964
R3: 1.6008
Support levels:
S1: 1.5848
S2 : 1.5821
S3: 1.5776
Trading recommendation: Be careful with buying the EUR/NZD and watch for selling opportunities after retracement.
