FX.co ★ EUR/NZD analysis for May 23, 2016

Recently, EUR/NZD has been moving downwards. As I expected, the pair tested the level of 1.6470 in a high volume. According to the 1H time frame, I found a sign of strength. A bearish bar in a high volume but closed in the middle. For me, this is a big warning for sellers. After the strength came in, I saw the reaction from buyers, which is a good sign that buyers are in control today. Watch for buying opportunities on the dips. Take profit level is set at the price of 1.6585.

Fibonacci Pivot Points:

Resistance levels:

R1: 1.6610

R2: 1.6631

R3: 1.6665

Support levels:

S1: 1.6545

S2: 1.6522

S3: 1.6490

Trading recommendation for today: Be careful when selling and watch for buying opportunities on the dips.