Overview:
Since our last analysis, the EUR/NZD pair has been trading upwards, as we expected, the price tested the level of 1.6463 on high volume. As you can see in the chart, our FR 61.8 % at 1.6270 held successfully and the price started upward movement from that point. We can observe that strong demand on high volume had entered the market at 1.6405, so selling at this stage looks risky. The price reached our second upper station at 1.6400 (FE 100 %). Since the price had break 1.6400 on high volume, we may see testing of FE 161.8 % at 1.6480. Do not forget EUR/NZD is in short-mid term bullish trend and selling EUR/NZD at this stagelooks very risky, so watch for buying opportunities and try to catch bullish continuation phase.
Daily pivot Fibonaccipoints:
Resistance levels:
R1: 1.6387
R2: 1.6421
R3: 1.6476
Support levels:
S1: 1.6277
S2: 1.6243
S3: 1.6188
Trading recommendation: Be careful with selling the EUR/NZD pair, watch for buying opportunities and try to catch bullish continuation phase.