FX.co ★ EUR/NZD analysis for April 18, 2016

Recently, EUR/NZD has been moving sideways around the price of 1.6300. According to daily time frame, I found that supply is still present in the market and buying at this stage looks risky. My advice is to watch for selling opportunities on rallies. The take profit level and strong support is set at the price of 1.6135. According to daily bar, I found some form of up-thrust (supply overcoming demand), which is a strong sign of weakness.

Fibonacci Pivot Points:

Resistance levels:

R1: 1.6410

R2: 1.6450

R3: 1.6520

Support levels:

S1: 1.6275

S2: 1.6220

S3: 1.6150

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