Overview :
In our last analysis, EUR/NZD has been trading downwards. As we expected, the price tested the level of 1.6027. Our Fibonacci expansion 161.8% at the price of 1.6230 held successful and that reaction caused price to start with downward movement. If the price breaks the level of 1.6000 we may see testing the level of 1.5900. Be careful when buying and watch for potential selling opportunities after retracement. According to the daily timeframe, we can obserbe supply in a high volume on the market.
Daily Fibonacci pivot levels :
Resistance levels:
R1: 1.6223
R2: 1.6264
R3: 1.6329
Support levels:
S1: 1.6092
S2: 1.6051
S3: 1.5985
Trading recommendations: Be careful when buying the EUR/NZD pair since we may see short-term bearish continuation
