Overview:
Since our previous analysis, the EUR/NZD pair has been trading downwards, as we expected, the price tested the level of 1.5892. According to the daily chart, we can observe supply bar on volume just above the average, which is a sign that buying at this stage looks very risky and that we may see further bearish continuation on this pair. The price rejected from our Fibonacci expansion 161.8% level at the price of 1.5810 and tested Fibonacci retracement 61.8% at the price of 1.5920. If the price breaks the level of 1.5890 on higher volume, we may see testing the level of 1.5765 (swing low). Watch for selling opportunities after retracement.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1.6033
R2: 1.6073
R3: 1.6138
Support levels:
S1: 1.5903
S2 : 1.5863
S3: 1.5798
Trading recommendation: Be careful with buying the EUR/NZD and watch for selling opportunities after retracement.
