Overview:
In our last analysis, EUR/NZD has been trading sideways around the price of 1.5860. I have placed Fibonacci expansion from most recent swings to find potential support levels. I got Fibonacci expansion 100% at the price of 1.5780 and Fibonacci expansion 161.8% at the price of 1.5715. I have also placed Fibonacci retracement to find potential resitance levels and I got Fibonacci retracement 38.2% at the price of 1.5865 and Fibonacci retracement 61.8% at the price of 1.5910. According to the daily time frame, we got up-thrust bar (supply overcoming demand). Be careful when buying and watch for potential selling opportunities.
Daily Fibonacci pivot levels:
Resistance levels:
R1: 1.5953
R2: 1.6000
R3: 1.6076
Support levels:
S1: 1.5801
S2: 1.5754
S3: 1.5678
Trading recommendations: Be careful when buying EUR/NZD since we got absorption volume in the background. Watch for potential selling opportunities.