FX.co ★ EUR/NZD : analysis for October 22, 2015

Overview:

Recently, EUR/NZD has been moving downward. The price tested the level of 1.6681. In the daily time frame, we can observe a strong supply bar. Also, the price is moving below our SMA10 and SMA50. The price performed a fake breakout of a downward channel. Selling EUR/NZD at this stage is preferable. I am waiting for larger liquidity and stronger price actions to confirm further direction. If the price breaks the level of 1.6500, we may see the downward continuation.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.6940

R2: 1.6980

R3: 1.7040

Support levels:

S1: 1.6820

S2: 1.6785

S3: 1.6725

Trading recommendations: Be careful when buying at this stage. Selling positions are preferable. Support is seen at the level of 1.6500.