FX.co ★ EUR/NZD analysis for August 30, 2016

Recently, EUR/NZD has been moving sideways at the price of 1.5420. According to the 4H time frame, I found bullish outside bar formation in a high volume in the background, which is a clear sign of strength. Besides, I found mini support cluster at the price of 1.5395 and on the same price I have found Fibonacci retracement 61.8% from the most recent upward leg. Watch for buying opportunities. Key resistance and my take profit level is set at the price of 1.5620.

Fibonacci Pivot Points:

Resistance levels

R1: 1.5495

R2: 1.5520

R3: 1.5568

Support levels:

S1: 1.5400

S2: 1.5375

S3: 1.5330

Trading recommendations for today: Watch for buying opportunities.