FX.co ★ EUR/NZD analysis for March 30, 2016

Recently, EUR/NZD has been moving downwards. As I had expected, the price tested the level of 1.6261 in a very high volume. My second take profit has been reached. In the daily chart, the price finally broke (14 days) a trading range between the 1.6475 level (support) and the 1.6865 level (resistance). According to the 15M time frame, I found strong selling pressure and no demand bars near the level of 1.6360. Watch for intraday selling opportunities on rallies. The intraday take profit level is set at the price of 1.6260-1.6215.

Fibonacci Pivot Points:

Resistance levels:

R1: 1.6610

R2: 1.6670

R3: 1.6770

Support levels:

S1: 1.6415

S2: 1.6350

S3: 1.6255

Trading recommendation for today: There is strong downward pressure according to intraday time frames. Watch for selling opportunities on the rallies.