Overview:
Since our previous analysis, the EUR/NZD pair has been trading downwards, as we expected, the price tested the level of 1.5811 on volume above the average according to the daily chart. We can observe supply bar on volume above the average according to the 1H timeframe, which is a sign that we may see more bearish movements. Our Fibonacci retracement 61.8% at the price of 1.6122 held successfully and that caused price to go down. The price tested our second support level at 1.5830 and if the price breaks that level on higher volume, we may see testing the level of 1.5765. Be careful with buying and watch for selling opportunities after retracement.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1.5943
R2: 1.5976
R3: 1.6029
Support levels:
S1: 1.5837
S2 : 1.5804
S3: 1.5751
Trading recommendation: Be careful with buying the EUR/NZD and watch for selling opportunities after retracement.
