Overview:
Since our previous analysis, the EUR/NZD pair has been trading downwards, as we expected, the price tested the level of 1.5847 on volume above the average according to the 4H timeframe. We can observe weak demand on volume below the averate according to the daily chart (Monday bar). Our Fibonacci retracement 61.8% at the price of 1.6122 held successfully and that caused price to go down. The price tested our support level at 1.5865 and if the price breaks that level on higher volume, we may see testing the level of 1.5830, 15765. Be careful with buying and watch for selling opportunities after retracement.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1.5978
R2: 1.5989
R3: 1.6007
Support levels:
S1: 1.5942
S2 : 1.5931
S3: 1.5913
Trading recommendation: Be careful with buying the EUR/NZD and watch for selling opportunities after retracement.
