FX.co ★ EUR/NZD analysis for October 02, 2015

Overview:

Recently, EUR/NZD has been moving upwards. The price tested the level of 1.7419. In the daily time frame, we can observe a reversal up-thrust (bullish bar). The intraday trend is downward. According to the M15 chart, we can observe weak demand around the price of 1.7415. The today point of control is at the price of 1.7465. Watch for potential selling opportunities after retracement. I have placed Fibonacci retracement to find potential resistance levels. I got Fibonacci retracement 38.2% at the price of 1.7435, Fibonacci retracement 50% at the price of 1.7450 and Fibonacci retracement 61.8% at the price of 1.7465. Anyway, major daily support at the price of 1.7265 is on the test (daily swing lows). Watch for a potential breakout of that support to confirm further downward movement.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.7515

R2: 1.7565

R3: 1.7650

Support levels:

S1: 1.7350

S2: 1.7300

S3: 1.7215

Trading recommendations: Be careful when buying and watch for potential selling opportunities.