Overview:
Since our previous analysis, the EUR/NZD pair has been trading downwards, as we expected, the price tested the level of 1.5856. According to the daily chart, we can observe no demand bar on volume below 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 1.6160 and tested the price of 1.5856 on higher volume. As we already wrote in previous analysis, major down station is at the price of 1.5765. Buying looks risky, so watch for selling opportunities after retracement.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1.5999
R2: 1.6023
R3: 1.6063
Support levels:
S1: 1.5920
S2 : 1.5896
S3: 1.5857
Trading recommendation: Be careful with buying the EUR/NZD and watch for selling opportunities after retracement.
