Overview
In our last analysis, EUR/NZD has been trading sideways around the price of 1.6100. We can observe that price found support at the level of 1.6000 but if it breaks the level of 1.6000 in a high volume, we may see a potetntial testing of the level of 1.5900 (swing high like support). I have placed Fibonacci retracement to find potential resistance levels and I got Fibonacci retracement 38.2% at the price of 1.6150 (held successful) and Fibonacci retracement 61.8% at the price of 1.6260. Be careful when buying and watch for potential selling opportunities after retracement. According to the 1H time frame, we can observe weak demand and potential end of bullish corrective phase (abcd).
Daily Fibonacci pivot levels :
Resistance levels:
R1: 1.6196
R2: 1.6228
R3: 1.6280
Support levels:
S1: 1.6092
S2: 1.6060
S3: 1.6008
Trading recommendations: Be careful when buying the EUR/NZD pair since we may see short-term bearish continuation
