Overview:
Recently, EUR/NZD has been trading upwards. As we had expected, the price tested the level of 1.4766 in a high volume. The short-term trend is bullish. Be careful when selling at this stage and watch for potential buying opportunities after a bearish correction. According to the H4 time frame, we can observe that our Fibonacci retracement 38.2% at 1.4200 was held successfully. It caused the price to start moving upwards. Our objective points at the levels of 1.4385, 1.4490, and 1.4525 are met. According to Fibonacci expansion, the next bullish objective point is at the level of 1.5000 (Fibonacci expansion 161.8%). According to the daily time frame, we can observe demand in a high volume, which is a sign that selling looks risky.
Fibonacci Pivot Points:
Resistance levels:
R1: 1.4500
R2: 1.4571
R3: 1.4685
Support levels:
S1: 1.4268
S2: 1.4200
S3: 1.4081
Trading recommendations: Be careful when selling EUR/NZD and watch for potential buying opportunities after a retracement.
