FX.co ★ EUR/NZD analysis for May 31, 2016

Recently, EUR/NZD has been moving downwards. The price tested the level of 1.6505 in a high volume. According to the 30M time frame, I found a potential double bottom formation. Be careful when selling and watch for potential buying opportunities. Take profit level is set at the price of 1.6585. if the price breaks the level of 1.6585, we may see potential testing of 1.6640.

Fibonacci Pivot Points:

Resistance levels:

R1: 1.6650

R2: 1.6670

R3: 1.6700

Support levels:

S1: 1.6585

S2: 1.6565

S3: 1.6530

Trading recommendation for today: Watch for buying opportunities on dips.