Overview

Since our previous analysis, the EUR/NZD pair has been trading upwards, the price tested the level of 1.6016 on volume below the average according to the 4H timeframe. As you can see in the graph our Fibonacci retracement 61.8% at the price of 1.6010 got tested and we saw rejection from that point just like we expected. Also there is a major Fibonacci retracement 61.8% at the price of 1.6075. According to the 4H timeframe, we may observe that supply overcoming demand on higher volume, which is a sign that buying looks risky. To confirm futrher larger bearish movement, as like we already wrote, price needs to break the level of 1.5745 (major swing low) on higher volume. Support level is around the price of 1.5910 (previous swing high).

Daily pivot Fibonacci points:

Resistance levels:

R1: 1.5994

R2: 1.6022

R3: 1.6066

Support levels:

S1: 1.5905

S2 : 1.5877

S3: 1.5832

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