Overview: Since our last analysis, the EUR/NZD pair has been trading sideways, around the price of 1.6310, we are still waiting for more downward movements. Since the price has broken FE 261.8% (1.6276), we may expect the testing of Fibonacci RE 61.8% at the price of 1.5915. In the daily chart, we can observe demand bar on volume below the average. This is a sign that we may see further downward movements. Since we are in the uptrend, according to the daily chart, we may see retracement from FR 61.8%. Anyway, if the price breaks that area, we may see changing in trend dynamics from bullish to bearish. Daily pivot Fibonacci points: Resistance levels: R1: 1.4552 R2: 1.4593 R3: 1.4659 Support levels: S1: 1.4420 S2: 1.4379 S3: 1.4313 Trading recommendation: Be careful with buying as we may see the testing of the area around 1.5915, before any upward movement.
