FX.co ★ EUR/NZD analysis for October 13, 2015

Overview:

Recently, EUR/NZD has been moving sideways around the price of 1.6980. In the daily time frame, we can observe a supply bar in a volume below the average. I found the 5-day support level at 1.6845 (Fibonacci retracement 38.2%). Selling opportunities are preferable. On the H1 chart, we can observe a potential reversed head and shoulders formation. If the price breaks the level of 1.7000, it will confirm our HS formation. Selling opportunities are preferable only if the price breaks our strong support in a high volume. Otherwise, we may see an upward movement. I 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.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.7000

R2: 1.7035

R3: 1.7100

Support levels:

S1: 1.6870

S2: 1.6830

S3: 1.6765

Trading recommendations: Be careful when buying and watch for potential selling opportunities if the price breaks the level of 1.6845 in a high volume.