Overview:
Since our previous analysis, the EUR/NZD pair has been trading sideways, around the price of 1.5640, we are waiting for larger volume and larger movement. According to the Daily timeframe, we can observe indesicion bar, 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). Anyway, if the price breaks the level of 1.5560 on higher volume, we may see more downward movement. According to the 1H timeframe, we can observe decreasing volume on upward leg, which is a sign that buying looks risky. Watch for selling opportunities after retracement.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1.5673
R2: 1.5685
R3: 1.5705
Support levels:
S1: 1.5632
S2: 1.5620
S3: 1.5599
Trading recommendation: Be careful with buying the EUR/NZD pair and watch for selling opportunities after retracement.
