FX.co ★ EUR/NZD analysis for February 08, 2016

Overview:

Recently, EUR/NZD has been moving upwards. In the daily time frame, I found a weak demand bar in an average volume. In the 4-hour time frame, I found evening rejection from Fibonacci expansion 61.8% at the price of 1.6545. So be careful when selling EUR/NZD at this stage and watch for potential buying opportunities. I found resistance level at the price of 1.7000. Intraday resistance level is set at the price of 1.6890. Intraday support from the other side is found at the price of 1.6750.

Fibonacci Pivot Points:

Resistance levels:

R1: 1.6850

R2: 1.6900

R3: 1.6990

Support levels:

S1: 1.6675

S2: 1.6620

S3: 1.6530

Trading recommendations: EUR/NZD is in the uptrend. Watch for potential buying opportunities on dips.