FX.co ★ EUR/NZD analysis for June 01, 2016

Recently, EUR/NZD has been moving downwards. The price tested the level of 1.6325 in a high volume. According to the 30M time frame, I found strong downward pressure in a high volume. Be careful when buying and watch for selling opportunities. The price failed to test resistance at the level of 1.6430, which is sign that sellers are in control. Downward targets are set at the price of 1.6325 and 1.6220.

Fibonacci Pivot Points:

Resistance levels:

R1: 1.6595

R2: 1.6645

R3: 1.6725

Support levels:

S1: 1.6430

S2: 1.6380

S3: 1.6300

Trading recommendation for today: Watch for selling opportunities on pullbacks. The trend is downward.