FX.co ★ EUR/NZD analysis for April 26, 2016

Recently, EUR/NZD has been moving sideways at the price of 1.6370. According to the 1H time frame, I found testing of the upward diagonal (upward channel). According to 30M time frame, I found a shakeout bar in an ultra high volume. The bearish bar closed in the middle, this is a clear indication for me that demand is still present and that we may see potential upward movement. The first upward take profit level is set at the price of 1.6470.

Fibonacci Pivot Points:

Resistance levels:

R1: 1.6465

R2: 1.6500

R3: 1.6555

Support levels:

S1: 1.6360

S2: 1.6325

S3: 1.6270

Trading recommendation for today: Watch for buying opportunities on the dips. The first take profit level is set at the price of 1.6470.