Overview:
Since our last analysis the EUR/NZD pair has been trading downward moves and tested level 1.6725, we placed Fibonacci expansion levels to find potential end of down correction, where we are currently. I got FE 161.8% at price 1.6630 .Current situation on (4H) time frame is that we got large buying climax bar (ultra high volume bar) and decreasing volume on previous down move which is a sign, that supply is weak. On the daily chart we can also see no supply bar which is sign that this down move is weak. Since we are in up trend and since we got increasing volume on previous up move according the daily chart, buying after every down correction looks attractive. In our case buying around price 1.6630 (FE 161.8 %).
Daily pivot Fibonacci points:
Resistance levels:
R1: 1.6980
R2: 1.7018
R3: 1.7079
Support levels:
S1: 1.6858
S2: 1.6820
S3: 1.6759
Trading recommendation: Be careful with selling and look for buying opportunities after down corrections. I recommend 1.7500 for short-term up target.