FX.co ★ EUR/NZD analysis for July 26, 2016

Recently, EUR/NZD has been moving downwards. As I expected, the price tested the level of 1.5564 in a high volume. My downward target from yesterday at the price of 1.5670 was reached. According to the 30M time frame, I found a downward trend and sign of further weakness. There is an up-thrust bar and rejection from the 21SMA, which is a good sign for further lower price. I placed the Fibonacci expansion to find potential downward targets. I got the Fibonacci expansion 100% at the price of 1.5530 and the Fibonacci expansion 161.8% at the price of 1.5400.

Fibonacci Pivot Points:

Resistance levels:

R1: 1.5735

R2: 1.5760

R3: 1.5805

Support levels:

S1: 1.5650

S2: 1.5625

S3: 1.5580

Trading recommendations for today: Be careful when buying and watch for selling opportunities.