FX.co ★ EUR/NZD : analysis for December 15, 2015

Overview:

Recently, EUR/NZD has been moving downwards. The price tested the level of 1.6170. In the background, the price went down in an ultra-high volume (selling climax), so selling around the level of 1.6180 looks very risky. In the M30 time frame, I found an extended downward channel, and the price is about to break the level of 1.6250. Also, I saw rejection from Fibonacci retracement 61.8% at the level of 1.6150. Major resistance is seen around the level of 1.6540. Intraday resistance is at 1.6350

Fibonacci Pivot Points:

Resistance levels:

R1: 1.6360

R2: 1.6400

R3: 1.6460

Support levels:

S1: 1.6230

S2: 1.6190

S3: 1.6130

Trading recommendations : Selling EUR/NZD at this stage looks very risky since the price is testing the major support cluster. Watch for potential buying opportunities on dips.