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    EUR/NZD analysis for June 15, 2016


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    Recently, EUR/NZD has been moving downwards. As I had expected, the price tested the level of 1.5923 in an high volume. According to the 1H time frame, I found a broken bearish flag, which is a sign that downward pressure may continue. Also, I found successful re-test of the channel and my advice is to watch for selling opportunities. The first take profit level is set at the price of 1.5840 (swing low).

    Fibonacci Pivot Points:

    Resistance levels:

    R1: 1.6070

    R2: 1.6100

    R3: 1.6150

    Support levels:

    S1: 1.5965

    S2: 1.5930

    S3: 1.5880

    Trading recommendations for today: Watch for selling opportunities on the pullbacks since I found a broken bearish flag.

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