Overview:
Recently, EUR/NZD has been moving upwards. As I had expected, the price tested the level of 1.6378 in a high volume. According to the H1 time frame, we can observe strong rejection from Fibonacci retracement 61.8% at the level of 1.6070. I placed Fibonacci expansion to find potential profit targets. First profit target is seen at the level of 1.6480 (Fibonacci expansion 61.8%) and second is at 1.6745 (Fibonacci expansion 100%.) Watch for potential buying opportunities on dips. The short-term trend has changed from downward to upward.
Fibonacci Pivot Points :
Resistance levels:
R1: 1.6350
R2: 1.6400
R3: 1.6490
Support levels:
S1: 1.6170
S2: 1.6115
S3: 1.6025
Trading recommendations : Selling EUR/NZD at this stage looks very risky. Watch for potential buying opportunities on dips.
