Overview:
Since our previous analysis, the EUR/NZD pair has been trading upwards, the price tested the level of 1.6163 on average volume according to the daily chart. We are still waiting for a larger movement on this pair. According to the 15-min time frame, we can observe that supply has entered the market and rejection from our resistance level around the price of 1.6165, so 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 have placed Fibonacci retracement levels for the potential downward movement and I got Fibonacci retracement 38.2% at the price of 1.6100 and Fibonacci retracement 61.8% at the price of 1.6060. Buying looks risky, so watch for selling opportunities after retracement. Any larger supply on a higher volume may confirm further bearish movement. If the price starts upward movements, there is resistance at the price of 1.6175 (previous doji swing high).
Daily pivot Fibonacci points:
Resistance levels:
R1: 1.6168
R2: 1.6208
R3: 1.6272
Support levels:
S1: 1.6040
S2 : 1.6000
S3: 1.5936
Trading recommendation: Be careful with buying the EUR/NZD and watch for selling opportunities after retracement.
