Overview:

Since our last analysis, EUR/NZD has been trading sideways. 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 (currently on the test). I have placed Fibonacci retracement from the most recent downward leg and I got Fibonacci retracement 61.8% at the price of 1.5815. Watch for potential selling opportunities. According to the previous price action, we got support at the price of 1.5625 (swing high like resistance). We are still waiting for larger movement and larger activity on this pair. Be careful when buying this pair and watch for potential selling opportunities.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1.5811

R2: 1.5834

R3: 1.5873

Support levels:

S1: 1.5734

S2: 1.5711

S3: 1.5673

Trading recommendations: Be careful when buying the EUR/NZD pair and watch for selling opportunities after retracement.