FX.co ★ EUR/NZD analysis for October 13, 2016

Recently, EUR/NZD has been moving sideways at the price of 1.5600. Analysis from yesterday is still in play. On the 30M time frame, I found that the price went back into a trading range and broke the recent swing highs (support levels), which is a sign that EUR/NZD may go lower. According to 30M time frame, the price is below 50SMA, which is a sign that sellers are in control of the market. My advice is to watch for selling opportunties. Take profit level is set at the price of 1.5520. If the price breaks the level of 1.5520 in a high volume, EUR/NZD may visit the level of 1.5350. Anyway, if the price breaks the level of 1.5680, EUR/NZD may go higher.

Fibonacci Pivot Points:

Resistance levels

R1: 1.5645

R2: 1.5670

R3: 1.5710

Support levels:

S1: 1.5565

S2: 1.5540

S3: 1.5500

Trading recommendations for today: Watch for selling opportunities on the pullbacks.