Overview:
Recently, EUR/NZD has been trading downwards.The price tested the level of 1.5002 in a high volume. The short-term trend is bullish. Our objective point at 1.5155 (Fibonacci retracement 50%) has been reached and we can observe bearish corrective phase in progress. According to the daily time frame, we can observe weak demand. I placed Fibonacci retracement from the most recent bullish leg to find potential support levels. I got Fibonacci retracement 38.2% at the level of 1.5040, Fibonacci retracement 50% at 1.4980, and Fibonacci retracement 61.8% at 1.4920. Watch for potential buying opportunities on the dips (after bearish correction).
Fibonacci Pivot Points:
Resistance levels:
R1: 1.5215
R2: 1.5260
R3: 1.5333
Support levels:
S1: 1.5060
S2: 1.5010
S3: 1.4940
Trading recommendations: Be careful when selling EUR/NZD and watch for potential buying opportunities after a retracement.
