FX.co ★ EUR/NZD analysis for August 02, 2016

Recently, EUR/NZD has been moving sideways at the price of 1.5470. According to the 1H time frame, I found strong support cluster at the price of 1.5445. I also found selling climax at the support (wide spread bar with ultra high volume), which is a sign that selling looks very risky at this stage. My advice is to watch for potential buying opportunities. Only if the price breaks the level of 1.5445, we may see downward continuation.

Fibonacci Pivot Points:

Resistance levels:

R1: 1.5575

R2: 1.5610

R3: 1.5655

Support levels:

S1: 1.5480

S2: 1.5450

S3: 1.5400

Trading recommendations for today: Watch for buying opportunities due to a strong support cluster and selling climax.