Overview:
Since our last analysis, EUR/NZD has been trading downwards. As we expexted, the price tested the level of 1.5703 in a volume above the average according to the 4H timeframe. According to the daily timeframe, we can observe weak demand in an average volume around the price of 1.5815, which caused the price to start with downward movement. I have placed Fibonacci expansion to find potential end of a bullish corrective phase and I got Fibonacci expansion 161.8% at the price of 1.5815 (successfully tested). According to the 1H timeframe, we can observe that strong supply in an ultra high volume has entered the market. So, be careful with buying and watch for potential selling opportunities. According to previous price action, I have found support level around the price of 1.5625 (swing high like support).
Daily pivot Fibonacci points:
Resistance levels:
R1: 1.5782
R2: 1.5798
R3: 1.5825
Support levels:
S1: 1.5729
S2: 1.5713
S3: 1.5687
Trading recommendations: Be careful when buying the EUR/NZD pair and watch for selling opportunities after retracement.
