FX.co ★ EUR/NZD analysis for December 07, 2015

Overview:

Recently, EUR/NZD has been moving downwards. As I expected, the price tested the level of 1.6071 in a high volume. According to the H1 time frame, I placed Fibonacci retracement to find support levels and found strong rejection from Fibonacci retracement 61.8% at the price of 1.6070. Watch for potential buying opportunities on dips. Resistance levels are at the prices of 1.6350 and 1.6475. The short-term trend is still downward, but we may see a potential change in the trend's dynamic.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.6320

R2: 1.6395

R3: 1.6520

Support levels:

S1: 1.6075

S2: 1.5995

S3: 1.5875

Trading recommendations : Selling EUR/NZD at this stage looks very risky. Watch for potential buying opportunities on dips.