FX.co ★ EUR/NZD analysis for April 14, 2016

Recently, EUR/NZD has been moving downwards. As I had expected, the price tested the level of 1.6278 in a high volume. EUR/NZD reached our third take profit level around the price of 1.6270. Anyway, after the price reached out third take profit level, I saw strong reaction from buyers. Price went to test 1.6485. According to the 15M time frame, I found volume spike (buying climax) in the background with wide spread of the bar, double up thrust bars and no demand bars later on. Since we got weakness in the background, my advice is to watch for intraday selling opportunities. Take profit level is set at the price of 1.6290.

Fibonacci Pivot Points:

Resistance levels:

R1: 1.6410

R2: 1.6450

R3: 1.6520

Support levels:

S1: 1.6275

S2: 1.6235

S3: 1.6165

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