Overview:
Since our previous analysis, the EUR/NZD pair has been trading downwards. As we expected, the price tested the level of 1.5406 in a volume just below average according to the Daily chart. I have placed Fibonacci expansion levels to find the second down station. I got the second down station around the level of 1.5420 (currently on the test). Be careful when buying and watch for potential selling opportunities. The third major down station (short-term) is still at the price of 1.5335 (Fibonacci expansion 161.8%). According to the 4H timeframe, we can observe weak demand in the background, which is a sign that buying looks risky.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1.5470
R2: 1.5490
R3: 1.5518
Support levels:
S1: 1.5411
S2: 1.5392
S3: 1.5362
Trading recommendation: Be careful when buying the EUR/NZD pair and watch for selling opportunities after retracement.