FX.co ★ EUR/NZD analysis for June 06, 2016

Recently, EUR/NZD has been moving upwards. The price tested the level of 1.6414 in an average volume. According to the 4H time frame, I found an evening-star formation, which is a sign that buying looks risky. Watch for potential selling opportunities on pullbacks. Take profit level is set at the price of 1.6230. If the price breaks the level of 1.6415, the evening-star formation will be invalid and the price may continue higher to test 1.6500.

Fibonacci Pivot Points:

Resistance levels:

R1: 1.6385

R2: 1.6425

R3: 1.6490

Support levels:

S1: 1.6255

S2: 1.6215

S3: 1.6150

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