FX.co ★ EUR/NZD : analysis for October 09, 2015

Overview:

Recently, EUR/NZD has been moving downwards. As we expected, the price tested the level of 1.6838. In the daily time frame, we can observe a supply bar in an average volume. The intraday trend is neutral. On the H1 chart, we can observe a strong downward trading channel, so be careful when buying EUR/NZD. Also, we can observe weakness near the level of 1.6950. I had placed Fibonacci retracement to find potential mid-term support levels and got Fibonacci retracement 38.2% at the level of 1.6860 (on the test), Fibonacci retracement 50% at 1.6280, and Fibonacci retracement 61.8% at 1.5740. Watch for potential selling opportunities after retracement.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.7065

R2: 1.7125

R3: 1.7220

Support levels:

S1: 1.6870

S2: 1.6815

S3: 1.6715

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