Overview:
Since our previous analysis, the EUR/NZD pair has been trading sideways. We are facing a quiet day and low activity on this pair. 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 1H timeframe, we can observe buying climax and bearish reaction in higher volume, which is a sign that buying at this stage looks risky.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1.5450
R2: 1.5461
R3: 1.5477
Support levels:
S1: 1.5417
S2: 1.5406
S3: 1.5389
Trading recommendation: Be careful when buying the EUR/NZD pair and watch for selling opportunities after retracement.