FX.co ★ EUR/NZD analysis for October 20, 2016

Recently, EUR/NZD has been moving sideways at the price of 1.5190. According to the 30M time frame, I found an absorption volume in the background and changing in intraday trend behaivor from bearish to bullish. Be careful when selling EUR/NZD at this stage. My advice is to watch for potential buying opportunities on the dips. First take profit level is set at the price of 1.5235 and second take profit level at 1.5260.

Fibonacci Pivot Points:

Resistance levels

R1: 1.5240

R2: 1.5275

R3: 1.5330

Support levels:

S1: 1.5135

S2: 1.5100

S3: 1.5050

Trading recommendations for today: Watch for potential buying opportunties.