FX.co ★ EUR/NZD analysis for October 23, 2015

Overview:

Recently, EUR/NZD has been moving downwards. As we expected, the price tested the level of 1.6156. In the daily time frame, we can observe a neutral bar. Our Fibonacci retracement 50% major held successfully and the price successfully rejected. Selling EUR/NZD at this stage looks very risky. We can observe buyers supporting level of 1.6250 (intraday support). We may see possible testing of the level of 1.6500.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.6755

R2: 1.6890

R3: 1.7113

Support levels:

S1: 1.6310

S2: 1.6175

S3: 1.6595

Trading recommendations: Be careful when selling at this stage. Buying positions are preferable.