FX.co ★ EUR/NZD analysis for June 02, 2016

Recently, EUR/NZD has been moving upwards. The price tested the level of 1.6505. I found a strong base (bottoming) near the level of 1.6355. According to the 30M time frame, I found a sign of strength. There are few down bars but with weak closing (in the middle), which is a sign of strength. I found successful testing of supply in a low volume, which is another sign of strength. Watch for buying opportunities on the dips. Upward targets are set at the price of 1.6640 and 1.6680.

Fibonacci Pivot Points:

Resistance levels:

R1: 1.6450

R2: 1.6480

R3: 1.6530

Support levels:

S1: 1.6345

S2: 1.6315

S3: 1.6560

Trading recommendation for today: Watch for buying opportunities on the dips.