Overview:
Since our last analysis, EUR/NZD has been trading sideways around the price of 1.5850. We are still waiting for larger volume and activity on the market As we expected, the price rejection took place from the level of 1.5800 (swing high like support) . I have placed Fibonacci expansion to find potential resistance levels. I got Fibonacci expansion 61.8% around the price of 1.5830 (already broken) and Fibonacci expansion 100% at the price of 1.6010. 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%). According to the 4H time frame, we can observe neutral bar in an ultra high volume, which is sign that sideways took the place now on the market. Be careful when selling and watch for potential buying opportunities.
Daily Fibonacci pivot levels :
Resistance levels:
R1: 1.5926
R2: 1.5960
R3: 1.6016
Support levels:
S1: 1.5814
S2: 1.5780
S3: 1.5724
Trading recommendations: Be careful when selling the EUR/NZD pair since we may see further upward movement.
