Overview:
Recently, EUR/NZD has been trading upwards. As we expected, the price tested the level of 1.5593 in a very high volume but with weak price action. The short-term trend is bullish. According to the daily time frame, we can observe demand in a high volume with strong price action in the background. According to the H4 time frame, the price was successfully rejected from 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 (re-accumulation). Watch for potential buying opportunities after the bearish correction (buy on dips). The next bullish objective point is around the level of 1.5800. Support level is at the price of 1.5510.
Fibonacci Pivot Points :
Resistance levels:
R1: 1.5580
R2: 1.5645
R3: 1.5740
Support levels:
S1: 1.5390
S2: 1.5330
S3: 1.5235
Trading recommendations: Be careful when selling EUR/NZD at this stage since we can observe a strong bullish activity (volume) in the background and broken supply trendline. Potential re-accumulation.
