Overview:
Since our previous analysis, the EUR/NZD pair has been trading upwards, the price tested the level of 1.5973 on volume below the average according to the 1H timeframe . According to the 1H timeframe, I have placed Fibonacci retracement levels to find potential end of bullish movement and I got Fibonacci retracement 61.8% at the price of 1.5974 and Fibonacci expansion 161.8% at the price of 1.5990. To confirm futrher bearish movement, price needs to break the level of 1.5905 (our Fibonacci retracement 38.2%) on higher volume. A support level is around the price of 1.5910 (previous swing high). Anyway, be careful with buying EUR/NZD since price is near the resistance. According to the daily chart, we can observe high churn volume (weak demand) bar, which is sign that buying looks risky.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1.5975
R2: 1.5985
R3: 1.6003
Support levels:
S1: 1.5939
S2: 1.5929
S3: 1.5911
Trading recommendation: Be careful with buying the EUR/NZD and watch for selling opportunities after retracement.
