Overview:
In our last analysis, EUR/NZD has been trading upwards. As we expected, the price tested the level of 1.5965 in a high volume. According to the 4H time frame, we can oberve absorption volume as like we expected. I have placed Fibonacci retracement to find potential resistance levels and I got Fibonacci retracement 61.8% at the price of 1.6020. If the price breaks the level of 1.6020 we may see potential testing the level of 1.6135 (major Fibonacci retracement 61.8%). Be careful when selling EUR/NZD since we got absorption volume in the background. Watch for potential buying opportunities on the lows.
Daily Fibonacci pivot levels:
Resistance levels:
R1: 1.5842
R2: 1.5885
R3: 1.5955
Support levels:
S1: 1.5702
S2: 1.5659
S3: 1.5589
Trading recommendations: Be careful when selling EUR/NZD since we got strong absorption volume in the background.