EUR/NZD analysis for April 1, 2021

Looking at the chart on the four-hour time frame, we see the EUR/NZD pair this morning deviated from the moving averages of the MA200 and EMA200 with support at 38.2% Fibonacci level at 1,67120. After that, the EUR/NZD  pair climbed to the current 50.0% Fibonacci level, and our next target is the zone at 61.8% level at 1.69500. There is a psychological level close to 1.70000, where we can expect a certain stronger resistance. We can pay attention to the MA20 and EMA20 whether they will move to the bullish side and support the EUR/NZD  pair in conquering higher levels on the chart.

On the daily time frame, we see that the EUR/NZD pair is moving in one larger falling channel and that the EUR/NZD  pair has declined from the bottom line of the trend, finding support in the moving averages MA20 and EMA200 at 1.67600, where we get additional support with MA50. Based on that, we can expect to see the EUR/NZD  pair above getting closer to the MA200 and EMA200. For the bearish trend, we can expect it at 1.72000 near the upper resistance line. Also, a weak dollar can rise in the back of the New Zealand dollar, which will lead to the lowering of the EUR/NZD pair to lower levels.

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We are still on the bearish side on the weekly time frame, even after finding support at 1.6600 on the Fibonacci 61.8% level. The big pressure is in the form of moving averages MA200 and EMA200, which almost coincide with the psychological level of 1.70000. Some maximum target for this pullback may be a Fibonacci 50.0% level at 1.72330. When we look at the MACD indicator below, we see that the blue line has crossed the signal line and that this can give us a sign that this pullback is not over and that we will see a couple a little up on a chart.