FX.co ★ EUR/NZD analysis for February 29, 2016

Overview :

Recently, EUR/NZD has been moving upwards. The price tested the level of 1.6631 in a high volume. In the daily time frame, we can observe a bullish bar in an average volume, which is a sign of strength. Be careful when selling EUR/NZD today since we may see an upward movement. According to the M5 time frame, I found a volume spike (selling climax) in the background and successful testing of supply, which is another sign of strength. Major resistance level and potential take profit level is set at the price of 1.6615.

Fibonacci Pivot Points:

Resistance levels:

R1: 1.6520

R2: 1.6580

R3: 1.6675

Support levels:

S1: 1.6330

S2: 1.6270

S3: 1.6175

Trading recommendation for today: Watch for potential buying opportunities on dips.