Overview:
Since our previous analysis, the EUR/NZD pair has been trading downwards, as we expected, the price tested the level of 1.6088 on high volume. As you can see in the graph, the price rebounded from our Fibonacci expansion 100% at the level of 1.6170, as we expected. According to the 1H timeframe, we can observe that strong supply on ultra high volume has entered the market around the price of 1.6196. Buying at this stage looks very risky since the price is near the resisntace level and we got buying climax in the background according to the daily chart. According to the previous price action, I got support levels around the price of 1.6030 and 1.6010.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1.6187
R2: 1.6207
R3: 1.6239
Support levels:
S2: 1.6104
S3: 1.6073
Trading recommendation: Be careful with buying the EUR/NZD pair and watch for selling opportunities after retracement.
