FX.co ★ EUR/NZD analysis for June 23, 2016

Recently, EUR/NZD has been moving sideways at the price of 1.5755. According to the 15M time frame, I found a bearish engulfing pattern in a high volume. I found rejection from 200SMA. Be careful when buying EUR/NZD at this stage and watch for selling opportunities. I have placed Fibonacci expansion to find potential downward targets. I got Fibonacci expansion 61.8% at the price of 1.5710 and Fibonacci expansion 100% at the price of $1,5670.

Fibonacci Pivot Points:

Resistance levels:

R1: 1.5975

R2: 1.5815

R3: 1.5840

Support levels:

S1: 1.5735

S2: 1.5720

S3: 1.5690

Trading recommendations for today: Watch for selling opportunities on the pullbacks.