Overview:
Since our last analysis, EUR/NZD has been trading upwards. The price tested and rejected from the level of 1.5863 in a volume above the average according to the daily time frame. 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 (currently on the test). I have placed Fibonacci retracement from the most recent downward leg and I got Fibonacci retracement 61.8% at the price of 1.5825. Watch for potential selling opportunities. According to the previous price action, we got support at the price of 1.5625 (swing high like resistance).
Daily pivot Fibonacci points:
Resistance levels:
R1: 1.5845
R2: 1.5873
R3: 1.5918
Support levels:
S1: 1.5755
S2: 1.5727
S3: 1.5682
Trading recommendations: Be careful when buying the EUR/NZD pair and watch for selling opportunities after retracement.
