FX.co ★ EUR/NZD analysis for October 26, 2015

Overview:

Recently, EUR/NZD has been moving upwards. The price tested the level of 1.6343. In the daily time frame, we can observe a neutral bar. Our Fibonacci retracement 50% major held successfully and the price was rejected. Anyway, we can observe successful rejection from our resistance level at 1.6340. The trend is downward and my advice is to watch for potential selling opportunities. Support level is at the level of 1.6150.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.6370

R2: 1.6425

R3: 1.6510

Support levels:

S1: 1.6195

S2: 1.6140

S3: 1.6053

Trading recommendations: Be careful when buying at this stage. Selling positions are preferable.