Overview:
Since our previous analysis, the EUR/NZD pair has been trading upwards, the price tested the level of 1.5683 on an average volume according to the 4H timeframe. According to the 4H timeframe, we can observe weak demand in the background, so buying at this stage looks risky. Since our Fibonacci expansion 100% at the price of 1.5665 has got broken, we may see possible testing the level of 1.5335. According to the previous price action, we have got a resistance level at the price of 1.5745 (previous swing low like resistance). Watch for selling opportunities after retracement.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1.5698
R2: 1.5738
R3: 1.5803
Support levels:
S1: 1.5568
S2: 1.5528
S3: 1.5463
Trading recommendation: Be careful with buying the EUR/NZD pair and watch for selling opportunities after retracement.
