Overview:

Since our previous analysis, the EUR/NZD pair has been trading downwards, the price tested the level of 1.6308 on ultra high volume (selling climax). We can observe selling climax at the price of 1.6308, which is sign that selling at this stage looks risky. The level of 1.6308 is major support for this pair since we have there major corrective Fibonacci expansion 61.8%. We can also observe submajor corrective Fibonacci expansion level 161.8% at the price of 1.6335. Be careful with selling since we may see the end of bearish corrective phase (abcd) and we also have selling climax on the low new ground. EUR/NZD is in short- and mid-term bullish trend, so watch for buying opportunities on the dips and try to catch the bullish continuation phase. Any larger demand on the high volume may confirm potential bullish continution phase.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1.6514

R2: 1.6536

R3: 1.6571

Support levels:

S1: 1.6445

S2 : 1.6423

S3: 1.6389

Trading recommendation: Be careful with selling the EUR/NZD pair, watch for buying opportunities and try to catch the potential bullish continuation phase.