Overview:
Since our last analysis, EUR/NZD has been trading upwards. The price tested the level of 1.5825 in a volume below average. According to the daily timeframe, we can observe weak demand in an average volume, which is a sign that buying EUR/NZD at this stage looks risky. I have placed Fibonacci expansion to find potential end of a bullish corrective phase and I got Fibonacci expansion 161.8% at the price of 1.5815 (successfully tested). According to the 1H timeframe, we can observe that strong supply in an ultra high volume has entered the market. So, be careful with buying and watch for potential selling opportunities.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1.5817
R2: 1.5840
R3: 1.5877
Support levels:
S1: 1.5742
S2: 1.5719
S3: 1.5681
Trading recommendations: Be careful when buying the EUR/NZD pair and watch for selling opportunities after retracement.