FX.co ★ EUR/NZD analysis for August 24, 2016

Recently, EUR/NZD has been moving downwards. As I expected, the price tested the level of 1.5390 in a high volume. My second downward target at the price of 1.5400 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 1.5235. Watch for breakout of 1.5400 to confirm further downward continuation.

Fibonacci Pivot Points:

Resistance levels

R1: 1.5545

R2: 1.5575

R3: 1.5625

Support levels:

S1: 1.5450

S2: 1.5420

S3: 1.5370

Trading recommendations for today: Watch for selling opportunities.