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

EUR/NZD analysis for September 30, 2016

EUR/NZD analysis for September 30, 2016

Recently, EUR/NZD has been moving downwrads. The price tested the level of 1.5341 in a high volume. The price reached my yesterday's target at 1.5500 and rejected strongly. According to the M30 time frame, I found a broken bearish flag and I expect further downward movement. If the price breaks the level of 1.5335, we may see further downward continuation. I have placed Fibonacci expansion to find potential downward targets. I got the Fibonacci expansion 100% at the price of 1.5280 and FIbonacci expansion 161.8% at the price of 1.5165.

Fibonacci Pivot Points:

Resistance levels

R1: 1.5480

R2: 1.5505

R3: 1.5545

Support levels:

S1: 1.5400

S2: 1.5375

S3: 1.5335

Trading recommendations for today: buying EUR/NZD at this stage looks risky. Watch for selling opportunities.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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