FX.co ★ EUR/NZD analysis for April 13, 2016

Recently, EUR/NZD has been moving downwards. As I had expected, the price tested the level of 1.6319 in a high volume. EUR/NZD has broken the upward channel. According to the H4 time frame, watch only for selling opportunities on rallies. The second take profit level at the price of 1.6480 has been reached. The third take profit level is set at the price of 1.6265 (swing low). According to the daily time frame, I found that sellers are in control of the market. We can observe supply in a high volume.

Fibonacci Pivot Points:

Resistance levels:

R1: 1.6595

R2: 1.6645

R3: 1.6725

Support levels:

S1: 1.6430

S2: 1.6380

S3: 1.6300

Trading recommendation for today: Watch for selling opportunities on rallies.