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    EUR/NZD analysis for March 31, 2016 2016-03-31


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    Recently, EUR/NZD has been moving upwards. The price tested the level of 1.6449. Anyway, EUR/NZD is in downtrend and I found a breakout of bearish flag formation, which is a sign that we may see further bearish continuation. According to the 4H time frame, I found 3 bars in a row with a very weak close (weakness appeared). Watch for potential selling opportunities on the rallies. First take profit level is set at the price of 1.6265 (swing low).

    Fibonacci Pivot Points:

    Resistance levels:

    R1: 1.6475

    R2: 1.6553

    R3: 1.6630

    Support levels:

    S1: 1.6290

    S2: 1.6230

    S3: 1.6140

    Trading recommendation for today: There is strong downward pressure according to intraday time frames. Watch for selling opportunities on the rallies.

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