Overview:
Since our previous analysis, the EUR/NZD pair has been trading sideways, around the price of 1.6500. Our previous analysis is still active.We can observe selling climax at the price of 1.6400 and also testing of our Fibonacci retracement 38.2% (1.6523). Be careful with selling this pair since we have got strong demand in the background and few selling climatic actions. In case that the price breaks the level of 1.6523, we may expecttesting of FR 61.8 % at the price of 1.6624. Do not forget that EUR/NZD is in short- and mid-term bullish trend and selling EUR/NZD at this stage looks very risky. Watch for buying opportunities on the dips and try to catch the bullish continuation phase.In case that the price breaks the level of 1.6360 onh ighervolume, we may see testing the level of 1.6310 (major Fibonacci expansion 61.8%) before any bullish movement.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1.6519
R2: 1.6557
R3: 1.6618
Support levels:
S1: 1.6398
S2 : 1.6360
S3: 1.6300
Trading recommendation: Be careful with selling the EUR/NZD pair,watch for buying opportunities and try to catch the bullish continuation phase.