Overview:

In our last analysis, EUR/NZD has been trading downwards. As we expected, the price tested the level of 1.5904 in a high volume. Strong rejection from our resistance level at the price of 1.6230 caused price to start with a bearish continuation phase. I have placed Fibonacci expansion from the most recent swings to find support levels and I got Fibonacci expansion 100% at the price of 1.5815 and Fibonacci expansion 161.8% at the price of 1.5535. According to the 4H time frame, we can observe strong supply in the background and very weak reaction from buyers, which is a sign that buying looks risky. Be careful when buying and watch for potential selling opportunities after retracement.

Daily Fibonacci pivot levels:

Resistance levels:

R1: 1.6050

R2: 1.6090

R3: 1.6155

Support levels:

S1: 1.5919

S2: 1.5879

S3: 1.5813

Trading recommendations: Be careful when buying the EUR/NZD pair since we started short-term bearish continuation.