FX.co ★ EUR/NZD analysis for June 14, 2016

Recently, EUR/NZD has been moving upwards. The price tested the level of 1.6074 in an average volume. I found re-validation of the upward channel (potential bearish flag). The trend is still downward and my advice is to watch for potential breakout of bearish flag to confirm further downward continuation. The breakout of 1.5965 may confirm further downward movement.

Fibonacci Pivot Points:

Resistance levels:

R1: 1.6025

R2: 1.6050

R3: 1.6100

Support levels:

S1: 1.5935

S2: 1.5905

S3: 1.5860

Trading recommendations for today: There is strong downward trend on the market. Anyway, watch for a potential breakout of the bearish flag at 1.5965 to confirm a further downward price.