FX.co ★ EUR/NZD analysis for February 11, 2016

Overview:

Recently, EUR/NZD has been moving upwards. As I expected, the price tested the level of 1.7218 in an ultra high volume. In the daily time frame, I found demand in a volume above the average but with a big weakness, which is a sign that supply still presents. In the 4-hour time frame, I found strong resistance level of 1.7200 and successful rejection. So, be careful when buying EUR/NZD at this stage and watch for potential selling opportunities. Strong support level is seen at 1.1.6750. Anyway, we may see potential re-test at the levels of 1.7110 and 1.7150 before further downward movement. Watch for potential selling opportunities on rallies.

Fibonacci Pivot Points:

Resistance levels:

R1: 1.7050

R2: 1.7140

R3: 1.7280

Support levels:

S1: 1.6770

S2: 1.6680

S3: 1.6540

Trading recommendations: volume spike in an ultra high volume (potential buying climax) is seen in the market. Be careful when buying EUR/NZD and watch for potential selling opportunities.