Overview:

Since our previous analysis, the EUR/NZD pair has been trading upwards, the price tested the level of 1.6094 on high volume according to the 4H timeframe. As you see in the graph, our Fibonacci retracement 61.8% at the price of 1.6075 took place successfully, and we saw rejection from that point just like we expected. Accorindg to the 1H timeframe, I have placed Fibonacci retracement from the most recent downward leg. I got Fibonacci retracement 61.8% at the price of 1.6045 (on the test). I also placed Fibonacci expansion levels to find potential down stations. Besides, I got Fibonacci expansion 61.8% at the price of 1.5975. Anyway, be careful with buying EUR/NZD since the price is near the resistance.

Daily pivot Fibonacci points:

Resistance levels:

R2: 1.6106

R3: 1.6148

Support levels:

S1: 1.5996

S2: 1.5970

S3: 1.5928

Trading recommendation: Be careful with buying the EUR/NZD and watch for selling opportunities after retracement.