FX.co ★ EUR/NZD analysis for June 20, 2016

Recently, EUR/NZD has been moving sideways at the price of 1.5930. According to the 1H time frame, I found a broken bearish flag formation. In the background, I saw a sharp decline in a heavy volume, which is a good sign that sellers are in control. According to the daily time frame, I found successful rejection from previous swing low at the price of 1.6080. Be careful when buying and watch for selling opportunities. The first take profit level is set at the price of 1.5840.

Fibonacci Pivot Points:

Resistance levels:

R1: 1.5990

R2: 1.6000

R3: 1.6040

Support levels:

S1: 1.5920

S2: 1.5900

S3: 1.5870

Trading recommendations for today: Watch for selling opportunities on the pullbacks since I found strong downward momentum in the background and broken bearish flag (continuation pattern)

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