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    EUR/NZD analysis for February 23, 2015 2016-02-23

     

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    Overview :

    Recently, EUR/NZD has been moving downwards. As I expected, the price tested the level of 1.6373 in a high volume. In the daily time frame, I found a strong supply bar in a high volume, which made the price headed downwards. In the 4-hour time frame, we can observe a breakout of our support at 1.6450. I also found the confirmed double top formation. Therefore, be careful when buying EUR/NZD at this stage and watch for potential selling opportunities. The level of 1.6520 may be a good level to sell (strong support became strong resistance). Next downward target is seen at the level of 1.6180 ( sub-major Fibonacci expansion 161.8%) and at the level of 1.5990 (major Fibonacci expansion 161.8%).

    Fibonacci Pivot Points:

    Resistance levels:

    R1: 1.6700

    R2: 1.6800

    R3: 1.6960

    Support levels:

    S1: 1.6390

    S2: 1.6285

    S3: 1.6125

    Trading recommendation: watch for potential selling opportunities on rallies.


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