FX.co ★ EUR/NZD: Analsis for June 17, 2013

Overview:

Since our last analysis the EUR/NZD pair has been trading downwards, just like we expected, price tested and rejected from the level 1.6384. Since price broke FE 61.8% at price 1.6560 that means that we have started a major corrective phase and that 1.6342 level is possible. Current situation on (1H) time frame is that we got valid break of level 1.6560 and the price is heading to test our FE 161.8% at price 1.6342.On the daily chart we can also see strong supply and high volume down bar which is another confirmation for future downward.Since we are in major corrective phase I advise you to watch for selling opportunities.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1.6606

R2: 1.6656

R3: 1.6737

Support levels:

S1: 1.6443

S2: 1.6393

S3: 1.6311

Trading recommendation: Be careful with short-term buying and look for selling opportunities. I recommend 1.6342 for down target.