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    EUR/NZD analysis for March 18th, 2016 2016-03-18

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    Overview:

    Recently, EUR/NZD has been moving downwards. The price tested the level of 1.6590. In the H4 time frame, I found support level at the price of 1.6500, which is successfully held . According to the 30M time frame, I found that the head and shoulders formation is confirmed. Besides, I noticed a successful breakout of the neckline in a high volume. Watch for buying opportunities on the dips. The key take resistance level (take profit level) is set at the price of 1.6850.

    Fibonacci Pivot Points:

    Resistance levels:

    R1: 1.6640

    R2: 1.6690

    R3: 1.6765

    Support levels:

    S1: 1.6840

    S2: 1.6435

    S3: 1.6355

    Trading recommendation for today: Watch for potential buying opportunities on the dips.


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