FX.co ★ EUR/NZD analysis for June 22, 2016

Recently, EUR/NZD has been moving sideways at the price of 1.5770. According to the 1H time frame, I found a descending triangle (continuation pattern) in creation. Be careful when buying EUR/NZD and watch for a potential breakout of the descending triangle. The breakout of 1.5740 in a high volume will confirm further downward continuation. The projected target from the descending triangle is set at the price of 1.5675. The major near-term target is set at the price of 1.5500.

Fibonacci Pivot Points:

Resistance levels:

R1: 1.5910

R2: 1.5950

R3: 1.6030

Support levels:

S1: 1.5750

S2: 1.5700

S3: 1.5620

Trading recommendations for today: Watch for selling opportunities if the price breaks support of the descending triangle.