Overview:
Since our last analysis the EUR/NZD pair has been trading downwards, just like we expected, price rejected from the level of 1.6821 (FR 61.8%) and tested FR 38.2 % at price 16663. I placed Fibonacci Retracement levels and I got FR 61,8% at price 1.6831. According to my trading rules if FR 61.8% at price 1.6831 holds, we can expect future down and finishing of major down correction (A,B,C,D marked on chart). Since price has broken Fibonacci Extension 61.8% at price 1.6560, that means that we have started a major corrective phase and that 1.6342 level is possible. Current situation on (1H) time frame is that we are testing level 1.6663 (FR 38.2 %). On the daily chart we can also see no supply bar which is another confirmation for future downward. Anyway, if price breaks swing C level at price 1.6915, buyers will remain strength. Since we are in major down corrective phase I advise you to watch for selling opportunities.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1.6810
R2: 1.6847
R3: 1.6907
Support levels:
S1: 1.6690
S2: 1.6653
S3: 1.6593
Trading recommendation: Be careful with short-term buying and look for selling opportunities. I recommend 1.6342 for down target.