Overview:
Since our previous analysis, the EUR/NZD pair has been trading sideways, around the price of 1.6130, we are still waiting larger movement on this pair. According to the daily chart (Thursday), we can observe neutral bar on the volume below the average, which is a sign that buying at this stage looks risky. According to the 4H timeframe, we can observe resistance around the price of 1.6130 (previous swing high), which is another 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. I placed Fibonacci expansion levels and I have got Fibonacci expansion 61.8% at the price of 1.6090 (currently on the test) and Fibonacci expansion 100% at the price of 1.6245. Buying looks risky, so watch for selling opportunities after retracement. Any larger supply on a higher volume may confirm further bearish movement. Also, there is resistance at the price of 1.6175 (previous swing high).
Daily pivot Fibonacci points:
Resistance levels:
R1: 1.6115
R2: 1.6125
R3: 1.6141
Support levels:
S1: 1.6083
S2 : 1.6073
S3: 1.6057
Trading recommendation: Be careful with buying the EUR/NZD and watch for selling opportunities after retracement.
