FX.co ★ EUR/NZD analysis for June 07, 2016

Recently, EUR/NZD has been moving downwards. As I expected, the price tested the level of 1.6273 in a high volume. According to the 4H time frame, I found another bearish engulfing pattern in a high volume. Be careful when buying EUR/NZD at this stage, since we may see futher downward continuation. Take profit level is set at the price of 1.6226 (previous swing low).

Fibonacci Pivot Points:

Resistance levels:

R1: 1.6420

R2: 1.6445

R3: 1.6490

Support levels:

S1: 1.6325

S2: 1.6295

S3: 1.6250

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