Overview:
Since our last analysis, EUR/NZD has been trading sideways around the price of 1.5860. As we expected, the price rejection from the level of 1.5800 (swing high like support) . I have placed Fibonacci expansion to find potential resistance levels. I got Fibonacci expansion 61.8% around the price of 1.5830 (already broken) and Fibonacci expansion 100% at the price of 1.6010. If the price breaks the level of 1.5900 (swing high like resistance), we may see potential testing the level of 1.6000 (Fibonacci expansion 100%). According to the 4H time frame, we can observe support at the price of 1.5825 (swing high like support). I have also placed Fibonacci retracement to find potential support levels if the price start with downward movement and I got Fibonacci retracement 38.2% at the price of 1.5790 and Fibonacci retracement 61.8% at the price of 1.5695.
Daily Fibonacci pivot levels :
Resistance levels:
R1: 1.5915
R2: 1.5950
R3: 1.6006
Support levels:
S1: 1.5803
S2: 1.5768
S3: 1.5712
Trading recommendations: Be careful when selling the EUR/NZD pair since we may see further upward movement.