Overview:
In our last analysis, EUR/NZD has been trading sideways around the price of 1.6100. Anyway, we can observe strong rejection from the resistance level at the price of 1.6230. I have placed Fibonacci expansion from most recent swings to find support levels. I got Fibonacci expanson 61.8% at the price of 1.5980. If the price breaks the level of 1.5980 (Fibonacci expansion 61.8%), we may see the testing of the level of 1.5810 (Fibonacci expansion 100%). Be careful when buying and watch for potential selling opportunities after retracement. According to the daily timeframe, we can observe weak demand in a high volume.
Daily Fibonacci pivot levels:
Resistance levels:
R1: 1.6168
R2: 1.6206
R3: 1.6267
Support levels:
S1: 1.6046
S2: 1.6008
S3: 1.5947
Trading recommendations: Be careful when buying the EUR/NZD pair since we may see short-term bearish continuation.
