Overview:
Recently, EUR/NZD has been trading downwards. The price tested the level of 1.5307 in a high volume but with very weak price action (weak supply). The short-term trend is bullish. According to the daily time frame, we can observe demand in a high volume with a strong price action in the background. According to the H4 time frame, the price is testing the recent swing high zone (support). Selling looks risky since we are in the bullish trend and we have strong bullish activity in the background. Watch for potential buying opportunities after the bearish correction (buy on dips). Our Fibonacci retracement 61.8% is at the price of 1.5480. If the price breaks this level, we may see potential testing the level of 1.5815.
Fibonacci Pivot Points:
Resistance levels:
R1: 1.5500
R2: 1.5560
R3: 1.5650
Support levels:
S1: 1.5310
S2: 1.5250
S3: 1.5150
Trading recommendations: Be careful when selling EUR/NZD at this stage since we can observe strong a bullish activity (volume) in the background and broken supply trendline. Potential reaccumulation.
