Overview:
In our last analysis, EUR/NZD was trading downwards. As we expected, the price tested the level of 1.5352 in an high volume. According to the H4 time frame, we can can observe strong rejection from our resistance level, which caused price to start with downward movement. Our Fibonacci expansion 100% at the price of 1.5400 is on the test so be careful when selling EUR/NZD at this stage. Anyway, if the price breaks the level of 1.5400 in a high volume and strong price action, we may see potential testing the level of 1.4950-1.4910 (Fibonacci expansion 161.8%). Watch for potential selling opportunities after retracement. Any larger demand may confirm further bullish corrective phase.
Daily Fibonacci pivot levels:
Resistance levels:
R1: 1.5639
R2: 1.5692
R3: 1.5776
Support levels:
S1: 1.5470
S2: 1.5417
S3: 1.5332
Trading recommendations: Be careful when buying the EUR/NZD pair at this stage, since we can observe strong rejection in the background.
