FX.co ★ EUR/NZD analysis for June 28, 2016

Recently, EUR/NZD has been moving upwards. The price tested the level of 1.5769 in a low volume. There is the strong supply in the background and I found normal reaction (bullish correction). Be careful when buying EUR/NZD at this stage, since I expect a lower price and potential re-test of the low at 1.5450. The trend is downward. I found an upward trend line, watch for a potential breakout of upward trendline to confirm further downward movement.

Fibonacci Pivot Points:

Resistance levels:

R1: 1.5770

R2: 1.5830

R3: 1.5920

Support levels:

S1: 1.5580

S2: 1.5525

S3: 1.5430

Trading recommendations for today: Watch for selling opportunities.