FX.co ★ EUR/NZD analysis for February 08, 2017

Recently, the EUR/NZD pair has been trading sideways at the price of 1.4580. According to the 4H time frame, I found rejection from supply trendline and rejection from resistance cluster (support became resistance). Based on 1H time frame, I have found broken flat base, which is a sign that downawrd trend may continue. My advice is to watch for potential selling opportunities. There is bearish divergence according to 1H time frame on the moving average oscillator. Targets are set at the price of 1.4535 and 1.4455.

Fibonacci pivot points:

Resistance levels:

R1: 1.4675

R2: 1.4715

R3: 1.4775

Support levels:

S1: 1.4555

S2: 1.4520

S3: 1.4460

Trading recommendations for today: watch for potential selling opportunities.