Overview:
Since our last analysis, EUR/NZD has been trading downwards. As we expected, the price tested the level of 1.5731 in a volume above the average according to the 4H timeframe. Price has been successfully rejected again from our Fibonacci retracement 61.8% at the price of 1.5900, which caused price to start with downward movement. Watch for potential selling opportunities after retracement. So, if the price breaks the level of 1.5710 in a higher volume, we may see potential testing the level of 1.5595.
Daily Fibonacci pivot levels :
Resistance levels:
R1: 1.5847
R2: 1.5864
R3: 1.5893
Support levels:
S1: 1.5789
S2: 1.5772
S3: 1.5743
Trading recommendations: Be careful when buying the EUR/NZD pair and watch for selling opportunities after retracement.
