FX.co ★ EUR/NZD analysis for June 08, 2016

Recently, EUR/NZD has been moving downwards. As I had expected, the price tested the level of 1.6224 in a high volume. According to the 30M time frame, the price is testing the strong swing low at the level of 1.6224. I found bullish piercing pattern, which is a sign that we may see further upward price. Take profit level is set at the price of 1.6280 and 1.6335. Anyway, if the price breaks the level of 1.6224, we may see see the bearish continuation and a potential testing of 1.6100,

Fibonacci Pivot Points:

Resistance levels:

R1: 1.6420

R2: 1.6465

R3: 1.6550

Support levels:

S1: 1.6250

S2: 1.6200

S3: 1.6115

Trading recommendation for today: Watch for potential buying opportunities since the support level is on the test. Sell only if you see breakout of support.