Overview:
Since our previous analysis, the EUR/NZD pair has been trading upwards, the price tested the level of 1.5975 on volume above the average. According to the 1H timeframe, I have placed Fibonacci retracement levels to find potential end of bullish movement and I got Fibonacci retracement 61.8% at the price of 1.5974 and Fibonacci expansion 161.8% at the price of 1.5990. To confirm futrher bearish movement, price needs to break the level of 1.5905 (our Fibonacci retracement 38.2%) on higher volume. A support level is around the price of 1.5910 (previous swing high). Anyway, be careful with buying EUR/NZD and watch for potential selling opportunities.
Daily pivot Fibonacci points: Resistance levels: R1: 1.5968 R2: 1.5982 R3: 1.6004 Support levels: S1: 1.5924 S2: 1.5910 S3: 1.5888Trading recommendation: Be careful with buying the EUR/NZD and watch for selling opportunities after retracement.
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