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    EUR/NZD analysis for February 26, 2015 2016-02-26


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    Overview :

    Recently, EUR/NZD has been moving downwards. As I expected, the price tested the level of 1.6277 in a high volume. In the daily time frame, we can observe a bearish bar in an average volume, which is a sign of weakness. Be careful when buying EUR/NZD at this stage and watch for potential selling opportunities. The price is heading slowly to our first take profit level and support at the level of 1.6180 ( sub-major Fibonacci expansion 161.8%). If the price breaks the level of 1.6180 in a high volume, we may see potential testing of 1.5990 (major Fibonacci expansion 161.8%).

    Fibonacci Pivot Points:

    Resistance levels:

    R1: 1.6540

    R2: 1.6590

    R3: 1.6675

    Support levels:

    S1: 1.6370

    S2: 1.6320

    S3: 1.6235

    Trading recommendation: trading recommendation: watch for potential selling opportunities on rallies.

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