FX.co ★ EUR/NZD analysis for July 05, 2016

Recently, EUR/NZD has been moving upwards. The price tested the level of 1.5495 in a high volume. The price reached our take profit level from yesterday at 1.5390 (Fibonacci expansion 161.8%) and I saw strong rejection from that point According to the 30M time frame, I found intraday upward trend and successful testing of supply in a low volume. Watch for buying opportunities on the dips. Take profit level is set at the price of 1.5550.

Fibonacci Pivot Points:

Resistance levels:

R1: 1.5505

R2: 1.5540

R3: 1.5600

Support levels:

S1: 1.5390

S2: 1.5355

S3: 1.5300

Trading recommendations for today: Watch for buying opportunities on the dips.