FX.co ★ EUR/NZD analysis for March 31, 2016

Recently, EUR/NZD has been moving upwards. The price tested the level of 1.6449. Anyway, EUR/NZD is in downtrend and I found a breakout of bearish flag formation, which is a sign that we may see further bearish continuation. According to the 4H time frame, I found 3 bars in a row with a very weak close (weakness appeared). Watch for potential selling opportunities on the rallies. First take profit level is set at the price of 1.6265 (swing low).

Fibonacci Pivot Points:

Resistance levels:

R1: 1.6475

R2: 1.6553

R3: 1.6630

Support levels:

S1: 1.6290

S2: 1.6230

S3: 1.6140

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