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    EUR/NZD analysis for October 23, 2015

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    Overview:

    Recently, EUR/NZD has been moving downwards. As we expected, the price tested the level of 1.6156. In the daily time frame, we can observe a neutral bar. Our Fibonacci retracement 50% major held successfully and the price successfully rejected. Selling EUR/NZD at this stage looks very risky. We can observe buyers supporting level of 1.6250 (intraday support). We may see possible testing of the level of 1.6500.

    Fibonacci Pivot Points :

    Resistance levels:

    R1: 1.6755

    R2: 1.6890

    R3: 1.7113

    Support levels:

    S1: 1.6310

    S2: 1.6175

    S3: 1.6595

    Trading recommendations: Be careful when selling at this stage. Buying positions are preferable.


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