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    EUR/NZD analysis for June 14, 2016

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    Recently, EUR/NZD has been moving upwards. The price tested the level of 1.6074 in an average volume. I found re-validation of the upward channel (potential bearish flag). The trend is still downward and my advice is to watch for potential breakout of bearish flag to confirm further downward continuation. The breakout of 1.5965 may confirm further downward movement.

    Fibonacci Pivot Points:

    Resistance levels:

    R1: 1.6025

    R2: 1.6050

    R3: 1.6100

    Support levels:

    S1: 1.5935

    S2: 1.5905

    S3: 1.5860

    Trading recommendations for today: There is strong downward trend on the market. Anyway, watch for a potential breakout of the bearish flag at 1.5965 to confirm a further downward price.


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