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    EUR/NZD : analysis for March 17th, 2016 2016-03-17

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    Overview:

    Recently, EUR/NZD has been moving downwards. The price tested the level of 1.6493. In the daily time frame, we can observe a supply bar in an average volume. In the H4 time frame, I found support level at the price of 1.6500, which held successfully. I have placed the Fibonacci expansion to find potential upward targets and resistance levels. I got the Fibonacci expansion 61.8% at the level of 1.6955, Fibonacci expansion 100% at the level of 1.7240, and the Fibonacci expansion 161.8% at the level of 1.7670. Watch for potential buying opportunities on dips. Anyway, I would like to see a successful breakout in a high volume of the 1.6870 to confirm further upward movement. Otherwise, if the price breaks the level of 1.6500 in a high volume, we may see potential testing of 1.6240.

    Fibonacci Pivot Points:

    Resistance levels:

    R1: 1.6820

    R2: 1.6875

    R3: 1.6960

    Support levels:

    S1: 1.6650

    S2: 1.6595

    S3: 1.6510

    Trading recommendation for today: Watch for successful breakout of resistance or support to confirm further direction.


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