FX.co ★ EUR/NZD analysis for October 08, 2015

Overview:

Recently, EUR/NZD has been moving upwards. The price tested the level of 1.7119. In the daily time frame, we can observe a supply bar in an average volume. The intraday trend is neutral. On the H1 chart, we can observe a strong downward trading channel so be careful when buying EUR/NZD. I placed Fibonacci retracement to find potential mid-term support levels and got Fibonacci retracement 38.2% at the level of 1.6860, Fibonacci retracement 50% at 1.6280, and Fibonacci retracement 61.8% at 1.5740. Watch for potential selling opportunities after retracement.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.7180

R2: 1.7265

R3: 1.7410

Support levels:

S1: 1.6900

S2: 1.6810

S3: 1.6670

Trading recommendations: Be careful when buying and watch for potential selling opportunities.