FX.co ★ Analysis of EUR/NZD for May 18, 2016

Recently, EUR/NZD has been moving sideways at the price of 1.6655. According to the 4H time frame, strength came in when the price reached 1.6548 level. A bearish bar is in an ultra-high volume, but it closed in the middle which is a sign of strength. Watch for buying opportunities on dips. Upward targets are set at 1.6750 and 1.6920. On the other hand, if the price breaks 1.6548 level, we may see downward movements.

Fibonacci Pivot Points:

Resistance levels:

R1: 1.6675

R2: 1.6710

R3: 1.6765

Support levels:

S1: 1.6560

S2: 1.6525

S3: 1.6470

Trading recommendation for today: watch for buying opportunities on dips.