Overview:

Since our last analysis, EUR/NZD has been trading sideways. The price was tested and rejected from the level of 1.5893 (Fibonacci retracement 61.8%). I have placed Fibonacci expansion to find potential end of a bullish corrective phase (abcd) and I got Fibonacci expansion 161.8% at the price of 1.5815. We can observe weak demand in a volume below the average according to the daily time frame, which is a sign that buying at this stage looks risky. Watch for potential selling opportunities. According to the previous price action, we got support at the price of 1.5625 (swing high like resistance). I have placed Fibonacci retracement from the most recent upward leg and I got Fibonacci retracement 38.2 % at the price of 1.5710. We are still waiting for larger movement and larger activity on this pair. Be careful when buying this pair and watch for potential selling opportunities.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1.5886

R2: 1.5906

R3: 1.5938

Support levels:

S1: 1.5821

S2: 1.5801

S3: 1.5768

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