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    EUR/NZD analysis for April 01, 2016 2016-04-01


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    Recently, EUR/NZD has been moving upwards. The price tested the level of 1.6521. Anyway, EUR/NZD is in downtrend and I found a bearish flag formation, which is a sign that we may see further bearish continuation. Watch for potential breakout of berish flag to confirm further bearish continuation. The breakout of 1.6440 will confirm further downward movement. The first take profit level is set at the price of 1.6265 (swing low).

    Fibonacci Pivot Points:

    Resistance levels:

    R1: 1.6490

    R2: 1.6520

    R3: 1.6570

    Support levels:

    S1: 1.6390

    S2: 1.6360

    S3: 1.6310

    Trading recommendation for today: Watch for breakout of the bearish flag formation to confirm further downward movement.

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