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


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    Overview :

    Recently, EUR/NZD has been moving downwards. The price tested the level of 1.62154 in a high volume. In the daily time frame, we can observe a supply bar in a high volume, which is a sign of weakness. In the daily time frame, I placed Fibonacci expansion levels to find a potential downward station. I got Fibonacci expansion 161.8% at the price of 1.5990 (downward traget). There are few technical reasons for this strong downward pressure.

    1. Massive upthrust in an ultra-high volume bar in the background (supply overcame demand)

    2. Another upthrust bar from the same zone

    3. Confirmed double-top formation

    Watch for potential selling opportunities on rallies. I found a solid selling zone around the price of 1.6315-1.6370.

    Fibonacci Pivot Points:

    Resistance levels:

    R1: 1.6420

    R2: 1.6470

    R3: 1.6545

    Support levels:

    S1: 1.6260

    S2: 1.6215

    S3: 1.6135

    Trading recommendation for today: Watch for potential selling opportunities on rallies.

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