Overview:
Since our previous analysis, the EUR/NZD pair has been trading sideways, around the price of 1.6080 on high volume according to the 4H timeframe. We are still waiting for larger movement on this pair. As you see in the chart, our Fibonacci retracement 61.8% at the price of 1.6075 again took place successfully, and we saw rejection from that point just like we expected. We can observe weak demand in past few days and yesterday bar was demand on high volume but very low range of the bar. It is a sign that buyers don't have strong power. According to the 1H timeframe, we can observe buying pressure and potential re-testing of 1.6104. If the price breaks the level of 1.6090 (previous swing high), we may see testing the level of 1.6170 Anyway, be careful with buying EUR/NZD since the price is near the resistance.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1.6104
R3: 1.6150
Support levels:
S1: 1.6046
S2: 1.6029
S3: 1.6000
Trading recommendation: Be careful with buying the EUR/NZD and watch for selling opportunities after retracement.
