FX.co ★ EUR/NZD analysis for July 04, 2016

Recently, EUR/NZD has been moving downwards. As I expected, the price tested the level of 1.5440 in a high volume. My target level at the price of 1.5455 has been reached. According to the 30M time frame, I found strong downward pressure and breakout of support at 1.5450. I have placed Fibonacci expansion from the most recent swings. I got Fibonacci expansion 100% at the price of 1.5440 (currently on the test) and Fibonacci expansion 161.8% at the price of 1.5390 (downward station).

Fibonacci Pivot Points:

Resistance levels:

R1: 1.5575

R2: 1.5600

R3: 1.5655

Support levels:

S1: 1.5480

S2: 1.5450

S3: 1.5400

Trading recommendations for today: Watch for selling opportunities on pullbacks