Overview:
Since our last analysis, EUR/NZD has been trading sideways. We are facing a quiet day and low activity on the market around the price of 1.5550. According to the daily timeframe, we can observe weak demand in average volume, which is a sign that buying EUR/NZD at this stage looks risky. Be careful when buying and watch for potential selling opportunities. The third major short-term downstation is still at the price of 1.5335 (Fibonacci expansion 161.8%). I have placed Fibonacci expansion to find potential support levels and I got Fibonacci expansion 61.8% at the price of 1.5460.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1.5568
R2: 1.5578
R3: 1.5593
Support levels:
S1: 1.5537
S2: 1.5527
S3: 1.5511
Trading recommendations: Be careful when buying the EUR/NZD pair and watch for selling opportunities after retracement.
