Overview:
Since our previous analysis, the EUR/NZD pair has been trading downwards, as we expected, the price tested the level of 1.5550 on volume above the average according to the 4H timeframe. 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 (successful rejection). I have also placed Fibonacci expansion levels to find potential down stations and I got first down station around the price of 1.5510 (Fibonacci expansion 61.8%). Be careful with buying and watch for potential selling opportunities. Third down station (short term) is still at the price of 1.5335 (Fibonacci expansion 161.8%).
Daily pivot Fibonacci points:
Resistance levels:
R1: 1.5611
R2: 1.5627
R3: 1.5654
Support levels:
S1: 1.5557
S2: 1.5541
S3: 1.5514
Trading recommendation: Be careful with buying the EUR/NZD pair and watch for selling opportunities after retracement.
