Overview:
Since our last analysis, EUR/NZD has been trading upwards. The price tested the level of 1.5826 in a volume above average according to the 4h chart. I have placed Fibonacci expansion to find potential end of a bullish corrective phase. I got Fibonacci expansion 61.8% around the price of 1.5830 (currently on the test). It is still unsafe to buy anything, so watch for potential selling opportunities after retracement. Anyway, if the price breaks the level of 1.5900 (swing high like resistance), we may see potential testing the level of 1.6000 (Fibonacci expansion 100%).
Daily Fibonacci pivot levels :
Resistance levels:
R1: 1.5743
R2: 1.5768
R3: 1.5808
Support levels:
S1: 1.5662
S2: 1.5637
S3: 1.5596
Trading recommendations: Be careful when buying the EUR/NZD pair and watch for selling opportunities after retracement.
