Overview:
In our last analysis, EUR/NZD has been trading sideways around the price of 1.6130. We are facing very quite market and low acitivity. We are still waiting for larger volume and stronger price action. I have placed Fibonacci expansion from most recent swings to find support levels. I got Fibonacci expanson 61.8% at the price of 1.6070 (held successfully). If the price breaks the level of 1.6000, we may see the testing of the level of 1.5900. Be careful when buying and watch for potential selling opportunities after retracement. According to the daily timeframe, we can observe weak demand on the market.
Daily Fibonacci pivot levels:
Resistance levels:
R1: 1.6176
R2: 1.6205
R3: 1.6252
Support levels:
S1: 1.6082
S2: 1.6053
S3: 1.6006
Trading recommendations: Be careful when buying the EUR/NZD pair since we may see short-term bearish continuation.
