Overview:

Since our last analysis, EUR/NZD has been trading downwards. As we expexted, the price tested the level of 1.5703 in a volume above the average according to the 4H timeframe. According to the daily timeframe, we can observe weak demand in an average volume around the price of 1.5815, which caused the price to start with downward movement. I have placed Fibonacci expansion to find potential end of a bullish corrective phase and I got Fibonacci expansion 161.8% at the price of 1.5815 (successfully tested). According to the 1H timeframe, we can observe that strong supply in an ultra high volume has entered the market. So, be careful with buying and watch for potential selling opportunities. According to previous price action, I have found support level around the price of 1.5625 (swing high like support).

Daily pivot Fibonacci points:

Resistance levels:

R1: 1.5782

R2: 1.5798

R3: 1.5825

Support levels:

S1: 1.5729

S2: 1.5713

S3: 1.5687

Trading recommendations: Be careful when buying the EUR/NZD pair and watch for selling opportunities after retracement.