Overview:
Since our previous analysis, the EUR/NZD pair has been trading sideways, around the price of 1.5930, we are still waiting for larger movement. According to the daily chart, we can observe weak supply bar on the volume just above the average, which is a sign that we may see possible smaller bullish correction before further bearish continuation. As we already wrote in previous analysis, EUR/NZD is in short- and mid-term bearish trend so watch for selling opportunities after retracement. Major down station may be the price of 1.5765. I placed Fibonacci retracement to find the potential end of the bullish correction and I got Fibonacci retracement 38.2% at the price of 1.5963 and Fibonacci retracement 61.8% at the price of 1.6040. Buying looks risky, so watch for selling opportunities after retracement.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1.5958
R2: 1.5992
R3: 1.6047
Support levels:
S1: 1.5848
S2 : 1.5814
S3: 1.5759
Trading recommendation: Be careful with buying the EUR/NZD and watch for selling opportunities after retracement.
