FX.co ★ EUR/NZD analysis for August 23, 2016

Recently, EUR/NZD has been moving downwards. As I expected, the price tested the level of 1.5438 in a high volume. My first downward target at the price of 1.5490 has been reached. According to the 4H time frame I am expecting further downward continuation due to strong weakness in the background. Next downward station is set at the price of 1.5400. If the price breaks the level of 1.5400 in a high volume, we may see potential testing of 1.5235. Be careful when buying and watch for selling opportunities on the pullbacks.

Fibonacci Pivot Points:

Resistance levels

R1: 1.5625

R2: 1.5650

R3: 1.5695

Support levels:

S1: 1.5535

S2: 1.5510

S3: 1.5465

Trading recommendations for today: Watch for selling opportunities.