Overview:
Since our previous analysis, the EUR/NZD pair has been trading downwards, as we expected, the price tested the level of 1.65963 on ultra high volume (selling climax). As you can see in the graph, the price rebounded from our Fibonacci expansion 100% at the level of 1.6170, as we expected and that caused price to start with downward movement. According to the 1H timeframe, we can observe strong supply on ultra high volume in the background and weak demand on the market. Buying at this stage still looks very risky since we have got supply on high volume. We got next support level at the price of 1.5920 (Fibonacci retracement 61.8%)
Daily pivot Fibonacci points:
Resistance levels:
R1: 1.6134
R2: 1.6176
R3: 1.6244
Support levels:
S1: 1.5999
S2: 1.5957
S3: 1.5890
Trading recommendation: Be careful with buying the EUR/NZD pair and watch for selling opportunities after retracement.
