FX.co ★ Technical analysis of EUR/NZD for May 19, 2016

EUR/NZD is clearly trending upwards producing higher highs and higher lows. The pair managed to break above the 200 Moving Average and remains above it.

While moving higher, EUR/NZD broke above the ascending channel. Fibonacci applied to the channel breakout point shows that the pair broke above R2 (1.6820), but failed to test the next resistance level of 1.6965 (R3). Currently the price remains just above the 1.6590 support level (S1) after multiple failed attempts to break below it.

Consider buying EUR/NZD while it is near S1, targeting R3 resistance. The stop loss should be just below S2 (1.6450).

Support: 1.6590, 1.6450

Resistance: 1.6710, 1.6820, 1.6965