FX.co ★ EUR/NZD analysis for April 01, 2016

Recently, EUR/NZD has been moving upwards. The price tested the level of 1.6521. Anyway, EUR/NZD is in downtrend and I found a bearish flag formation, which is a sign that we may see further bearish continuation. Watch for potential breakout of berish flag to confirm further bearish continuation. The breakout of 1.6440 will confirm further downward movement. The first take profit level is set at the price of 1.6265 (swing low).

Fibonacci Pivot Points:

Resistance levels:

R1: 1.6490

R2: 1.6520

R3: 1.6570

Support levels:

S1: 1.6390

S2: 1.6360

S3: 1.6310

Trading recommendation for today: Watch for breakout of the bearish flag formation to confirm further downward movement.