Overview

Since our previous analysis, the EUR/NZD pair has been trading sideways, around the price of 1.5875, we are still waiting for larger volume and price action. We can observe resistance level around the price of 1.5910 (previous swing low, Fibonacci retracement 38.2%), which is a sign that we may see bearish continuation from that point. According to the 4H timeframe, we can spot very weak demand, which is a sign that buying at this stage looks risky. If the price breaks the level of 1.5745 on higher volume, we may see testing the level of 1.5625 (Major Fibonacci expansion 100%). Be careful with short-term buying since EUR/NZD is in short-term downtrend and watch for selling opportunities.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1.5897

R2: 1.5913

R3: 1.5939

Support levels:

S1: 1.5845

S2 : 1.5829

S3: 1.5803

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