Overview:
Since our previous analysis, the EUR/NZD pair has been trading upwards, the price tested the level of 1.6158 on average volume. According to the daily chart, we can observe demand bar on volume just below the average, which is a sign that we started larger bullish correction. Our levels of 1.5940 and 1.6050 are broken and the next major resistance on this pair may be at the level of 1.6200-1.6230 (Fibonacci retracement 38.2%, previous swing low area). Price rejected from our Fibonacci expansion 161.8% level at the price of 1.5810 and that caused price to start bullish correction. According to the 30 min. timeframe we found bullish (abcd) corrective form and price currently testing our Fibonacci extension 161.8% at the price of 1.6160, se be careful with buying EUR/NZD at this stage. Watch for selling opportunities after retracement.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1.6097
R2: 1.6130
R3: 1.6185
Support levels:
S1: 1.5988
S2 : 1.5955
S3: 1.5901
Trading recommendation: Be careful with buying the EUR/NZD and watch for selling opportunities after retracement.
