FX.co ★ EUR/NZD analysis for January 20, 2017

Recently, EUR/NZD has been upwards. The price tested the level of 1.4913. According to the 4H time frame and using the Ichimoku, I found potential upawrd corection on EUR/NZD. The price is trading above Kijun and Tenkan sen, which is a sign that there is strength at the moment. According to the 1H time frame, the price went above the Cloud and this is another sign of strength on a lower frame. There is also a double bottom formation in the background. My advice is to watch for buying opportunities with a target at the price of 1.4980.

Fibonacci Pivot Points:

Resistance levels

R1: 1.4900

R2: 1.4940

R3: 1.4997

Support levels:

S1: 1.4780

S2: 1.4745

S3: 1.4685

Trading recommendations for today: Watch for potential buying opportunities.