Overview:
In our last analysis, EUR/NZD has been trading downwards. As we expected, the price was tested from the level of 1.5800. According to the 4H time frame, we can observe strong supply on the market in an ultra high volume (selling climax), which is a sign that buying EUR/NZD looks risky. Our Fibonacci expansion 100% at the price of 1.5800 is on the test, so be careful when selling at this stage. If the price breaks the level of 1.5800 in a high volume, we may see possible testing the level of 1.5520 (Fibonacci expansion 161.8%), Anyway, if we see larger reaction from buyers around the level of 1.5800, a bullish corrective phase will be possible.
Daily Fibonacci pivot levels:
Resistance levels:
R1: 1.6052
R2: 1.6088
R3: 1.6146
Support levels:
S1: 1.5937
S2: 1.5907
S3: 1.5844
Trading recommendations: Be careful when selling EUR/NZD since our Fibonacci expansion 100% is on the test