Overview:
In our last analysis, EUR/NZD has been trading upwards. As we expected, the price tested the level of 1.5978 in a volume above the average. According to the daily time frame, we can observe demand on the market in a volume below the average. I have placed Fibonacci retracement to find potential resistnace level and I got Fibonacci retracement 38.2% at the price of 1.5970 . Be careful when buying EUR/NZD at this stage and watch for potential selling opportunities after retracement.
Daily Fibonacci pivot levels:
Resistance levels:
R1: 1.5829
R2: 1.5862
R3: 1.5917
Support levels:
S1: 1.5720
S2: 1.5687
S3: 1.5633
Trading recommendations: Be careful when buying EUR/NZD since we may expect reaction from sellers
