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

Recently, EUR/NZD has been moving downwards. According to the 1H time frame, I found a downward channel. The price broke the upward diagonal and I am expecting a downward continuation. I placed Fibonacci expansion to find a potential target level. I got Fibonacci expansion 161.8% at the price of 1.6380. My advice is to watch for selling opportunities on rallies. Take profit level is set at the price of 1.6380. The level of 1.6590 seems like a good level for selling positions.

Fibonacci Pivot Points:

Resistance levels:

R1: 1.6688

R2: 1.6720

R3: 1.6765

Support levels:

S1: 1.6590

S2: 1.6560

S3: 1.6510

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