Overview:
Since our previous analysis, the EUR/NZD pair has been trading sideways, around the price of 1.5640, we are still waiting for larger volume and price action. According to previous price action, I have placed Fibonacci retracement levels to find potential resisntace levels and I have got Fibonacci retracement 61.8% at the price of 1.5615 (currently is being tested). According to previous price action, we can observe a resisntace level at the price of 1.5645, so be careful with buying EUR/NZD at this stage.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1.5650
R2: 1.5677
R3: 1.5721
Support levels:
S1: 1.5562
S2: 1.5535
S3: 1.5491
Trading recommendation: Be careful with buying the EUR/NZD pair and watch for selling opportunities after retracement.
