FX.co ★ EUR/NZD analysis for August 18, 2016

Recently, EUR/NZD has been moving downwards. The price tested the level of 1.5486 in a high volume. According to the 1H time frame, I found a broken bullish flag and a successful test of the flag formation, which is a sign that selling looks risky. The trend is upward. So, watch for buying opportunities on the dips. The first upward target is set at the price of 1.5620.

Fibonacci Pivot Points:

Resistance levels:

R1: 1.5615

R2: 1.5670

R3: 1.5760

Support levels:

S1: 1.5435

S2: 1.5380

S3: 1.5290

Trading recommendations for today: Watch for buying opportunities.