Overview:
Since our previous analysis, the EUR/NZD pair has been trading downwards, as we expected, the price tested the level of 1.5932 on average volume, according to the daily chart. We can observe low volume on the market so we are waiting for larger movement . Our Fibonacci retracement 61.8% at the price of 1.6122 held successfully and that caused price to go down. We saw strong rejection from our Fibonacci level and buying at this stage looks very risky. First support level is at 1.5865 (previous swing low). According to the 4H timeframe, we can observe weak demand on the volume below the average. Be careful with buying and watch for selling opportunities.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1.6033
R2: 1.6060
R3: 1.6105
Support levels:
S1: 1.5943
S2 : 1.5916
S3: 1.5871
Trading recommendation: Be careful with buying the EUR/NZD and watch for selling opportunities after retracement.
