Overview:
Since our previous analysis, the EUR/NZD pair has been trading downwards, the price tested and rejected from the the level of 1.6101 (Fibonacci retracement 61.8%) and tested the level of 1.5922 on the volume below the average. According to the daily chart, we can observe rejection from our Fibonacci retracement 61.8% and that supply is overcoming demand on average volume, which is a sign that buying at this stage looks risky. As we already wrote in the 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. Buying looks risky, so watch for selling opportunities after retracement. Any larger supply on higher volume may confirm further bearish movement.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1.6069
R2: 1.6105
R3: 1.6162
Support levels:
S1: 1.5954
S2 : 1.5918
S3: 1.5860
Trading recommendation: Be careful with buying the EUR/NZD and watch for selling opportunities after retracement.
