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    EUR/NZD analysis for February 22, 2016 2016-02-22

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    Overview :

    Recently, EUR/NZD has been moving downwards. As I expected, the price tested the level of 1.6549 in a high volume. In the daily time frame, I found a weak demand bar, which made the price head downwards. In the 4-hour time frame, we can observe a strong rejection from our resistance cluster (1.7025). Therefore, be careful when buying EUR/NZD at this stage and watch for potential selling opportunities. The level of 1.6700 may be a good level for selling. I found strong support around the price of 1.6520-1.6450 (Fibonacci expansions 100% and swing low). Moving averages are heading downward. A breakout of the level 1.6450 may confirm potential testing of 1.6180 (Fibonacci expansion 161.8%).

    Fibonacci Pivot Points:

    Resistance levels:

    R1: 1.6865

    R2: 1.6910

    R3: 1.6980

    Support levels:

    S1: 1.6720

    S2: 1.6670

    S3: 1.6600

    Trading recommendation: A spike in an ultra-high volume (potential buying climax) is seen in the background. Be careful when buying EUR/NZD and watch for potential selling opportunities.


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