FX.co ★ EUR/NZD analysis for January 17, 2017

Recently, EUR/NZD has been moving downward. The price tested the level of 1.4849 in a high volume. I found a fake breakout of the support, which is a sign of strength. According to the 30M time frame, I found bullish candle formation (morning star) and later on a pin bar, which are signs of potential strength. The trend is still downward, but I expect the price to correct on the upside. My upward targets are set at the prices of 1.4982, 1.4915, and 1.4950.

Fibonacci Pivot Points:

Resistance levels

R1: 1.4960

R2: 1.4980

R3: 1.5020

Support levels:

S1: 1.4880

S2: 1.4860

S3: 1.4820

Trading recommendations for today: Watch for potential buying opportunities.