Since our previous analysis, the EUR/NZD pair has been trading downwards, as we expected, the price tested the level of 1.5562 on on ultra high volume (selling climax) according to the daily chart. According to the 4H timeframe, we can observe selling climax in the background, so selling at this stage looks risky. Since our Fibonacci expansion 100% at the price of 1.5665 got broken, we may see possible testing the level of 1.5335. Watch for selling opportunities after retracement.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1.5875
R2: 1.5901
R3: 1.5942
Support levels:
S1: 1.5792
S2: 1.5766
S3: 1.5724
Trading recommendation: Be careful with buying the EUR/NZD pair and watch for selling opportunities after retracement
