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    EUR/NZD analysis for March 10, 2016 2016-03-10

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    Overview:

    Recently, EUR/NZD has been moving upwards. The price tested the level of 1.6583 in a ultra-high volume (buying climax). In the daily time frame, we can observe demand with a very wide bar spread (professional selling). In the daily time frame, I placed Fibonacci expansion levels to find a potential downward station. I got Fibonacci expansion 161.8% at the level of 1.5990 (downward target). We can observe that 21SMA successfully held in the daily time frame. There are a few technical reasons behind this great downward pressure: 1. a massive upthrust in a ultra-high volume bar in the background (supply overcame demand); 2. another upthrust bar from the same zone; 3. confirmed double-top formation. In the H4 time frame, I found a massive volume spike (buying climax) in a ultra-high volume ( a strong sign of weakness). Watch for potential selling opportunities on rallies.

    Fibonacci Pivot Points:

    Resistance levels:

    R1: 1.6575

    R2: 1.6675

    R3: 1.6835

    Support levels:

    S1: 1.6250

    S2: 1.6150

    S3: 1.5990

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


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