FX.co ★ EUR/NZD analysis for February 10, 2016

Overview:

Recently, EUR/NZD has been moving downwards. The price tested the level of 1.6874 in a high volume. In the daily time frame, I found demand in a volume above the average but with a weak close of the bar, which is a sign that supply is still present. In the 4-hour time frame, I found strong support at the level of 1.6900. So, be careful when selling EUR/NZD at this stage and watch for potential buying opportunities. The intraday support level is seen at 1.7075. Anyway, if the price continues lower, it may test the level of 1.6670 (Fibonacci expansion 61.8%).

Fibonacci Pivot Points:

Resistance levels:

R1: 1.7115

R2: 1.7185

R3: 1.7290

Support levels:

S1: 1.6895

S2: 1.6825

S3: 1.6715

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