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EUR/NZD : analysis for March 01, 2016 2016-03-01

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Overview :

Recently, EUR/NZD has been moving sideways around the price of 1.6470. In the daily time frame, we can observe a supply bar in an average volume, which is a sign of potential strength. Be careful when selling EUR/NZD today since we may see an upward movement. According to the 4H time, i found the strong downward channel. If the price breaks upward our channel, it may confirm a further upward move. I found successful rejection from Fibonacci retracement 61.8% (support) at the price of 1.6400. I placed Fibonacci expansion to find potential upward targets. Fibonacci expansion level 61.8% is set at the price of 1.6605, Fibonacci expansion 100% is set at the price of 1.6750 and Fibonacci expansion 161.8% is set at the price of 1.6980.

Fibonacci Pivot Points:

Resistance levels:

R1: 1.6600

R2: 1.6650

R3: 1.6720

Support levels:

S1: 1.6450

S2: 1.6410

S3: 1.6335

Trading recommendation for today: Watch for potential buying opportunities on dips.



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