Overview:

Since our previous analysis, the EUR/NZD pair has been trading downwards, as we expected, the price tested the level of 1.5911 on volume above the average according to the 4H timeframe. As you can see in the graph our support level at the price of 1.5910 has got tested and we can observe smaller rejection from that point. The price is right now in the middle of the range of Fibonacci ratios 61.8% (1.6010) and 38.2% (1.5910). To confirm futrher larger bearish movement, as we already wrote, price needs to break the level of 1.5745 (major swing low) on higher volume. A support level is around the price of 1.5910 (previous swing high). Anyway, if the price starts with upward movement, we may expect re-testing the level of 1.6010 (previus swing high).

Daily pivot Fibonacci points:

Resistance levels:

R1: 1.6003

R2: 1.6020

R3: 1.6048

Support levels:

S1: 1.5946

S2 : 1.5929

S3: 1.5900

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