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    EUR/NZD analysis for June 09, 2016 2016-06-09

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    Recently, EUR/NZD has been moving downwards. The price tested the level of 1.5912 in a high volume. After the cash rate decision in New Zealand last night the massive supply came in on the market. I found very high volume supply and very strong price action. Buying EUR/NZD at this stage looks risky. According to the 30M time frame, I found up-thrust bars, which are good indication of further downward movement. The first take profit level is set at the price of 1.5915.

    Fibonacci Pivot Points:

    Resistance levels:

    R1: 1.6310

    R2: 1.6340

    R3: 1.6390

    Support levels:

    S1: 1.6210

    S2: 1.6185

    S3: 1.6135

    Trading recommendations for today: there is strong downward pressure on the market. Watch for selling opportunities on the pullbacks.


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