Overview:
Since our previous analysis, the EUR/NZD pair has been trading downwards, as we expected, the price tested the level of 1.5889 on the volume just 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. According to the 4H timeframe, we can obserbe that supply came into the market on volume above the average. 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: 1.5993
R2: 1.6022
R3: 1.6069
Support levels:
S1: 1.5899
S2 : 1.5870
S3: 1.5823
Trading recommendation: Be careful with buying the EUR/NZD and watch for selling opportunities after retracement.
