Overview:

Since our previous analysis, the EUR/NZD pair has been trading upwards, as we expected, the price tested the level of 1.6511 on volume above the average. We can observe rejection from our major support zone at the price of 1.6308, which is a good sign for potential bullish continuation phase. The price got stopped on our target level Fibonacci retracement at the price of 1.6515. If the price breaks the level of 1.6515 on higher volume, we may expect testing the level of 1.6600 (submajor Fibonacci expansion 61.8%). Be careful with selling since we may see the end of bearish corrective phase (abcd) and we also got that strong demand entered the market. 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.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1.6476

R2: 1.6523

R3: 1.6599

Support levels:

S1: 1.6323

S2 : 1.6276

S3: 1.6199

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