FX.co ★ EUR/NZD analysis for October 27, 2015

Overview:

Recently, EUR/NZD has been moving sideways around the level of 1.6300. In the daily time frame, we can observe a neutral bar. Our Fibonacci major retracement 50% held successfully and the price was rejected. Anyway, we can observe a strong resistance-cluster around the level of 1.6350 and buying EUR/NZD at this stage looks risky. The trend is downward and my advice is to watch for potential selling opportunities. The support level is found at 1.6150.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.6330

R2: 1.6360

R3: 1.6400

Support levels:

S1: 1.6245

S2: 1.6220

S3: 1.6175

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