FX.co ★ Analysis of EUR/NZD for August 03, 2016

Recently, EUR/NZD has been moving upwards. As I expected, the price tested the level of 1.5598 in a high volume. According to the 1H time frame, I found strong reaction after the selling climax at the support and rejection from the support. The price broke the resistance level at 1.5575 and I found successful testing of supply in a low volume, which is a sign that we may see further upward movement. Be careful when selling and watch for buying opportunities. The first take profit level is set at 1.5650. Second take profit level lies at 1.5685.

Fibonacci Pivot Points:

Resistance levels:

R1: 1.5560

R2: 1.5595

R3: 1.5645

Support levels:

S1: 1.5460

S2: 1.5430

S3: 1.5380

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