Overview:
Recently, EUR/NZD has been trading upwards. The price tested the level of 1.4170 in a high volume. The short-term trend changed from bearish to bullish. Be careful when selling at this stage and watch for potential buying opportunities after correction. According to the H4 time frame, we can observe demand in a high volume. I had placed Fibonacci retracement to find potential resistance levels. I got Fibonacci retracement 61.8% at the level of 1.4290. According to the daily time frame, we got a upply in an average volume but the price action was very weak. This reaction caused the price to start start moving upwards. Major support is around the level of 1.3950 (cluster).
Fibonacci Pivot Points:
Resistance levels:
R1: 1.4010
R2: 1.4038
R3: 1.4081
Support levels:
S1: 1.3925
S2: 1.3900
S3: 1.3857
Trading recommendations: Be careful when selling EUR/NZD and watch for potential buying opportunities after retracement.
