Overview:
Since our previous analysis, the EUR/NZD pair has been trading upwards, the price tested the level of 1.5658 on ultra high volume (buying climax) according to the 4H timeframe. 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 Daily timeframe, we can observe indecision bar (doji), which is sign that we need to wait for larger volume reaction. Watch for potential selling opportunities.Anyway, If the price start with larger bullish movement, we got major resistance level around the price of 1.5750 (swing low like resistance).
Daily pivot Fibonacci points:
Resistance levels:
R1: 1.5627
R2: 1.5648
R3: 1.5682
Support levels:
S1: 1.5558
S2: 1.5537
S3: 1.5502
Trading recommendation: Be careful with buying the EUR/NZD pair and watch for selling opportunities after retracement.
