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    EUR/NZD analysis for June 16, 2016

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    Recently, EUR/NZD has been moving downwards. As I had expected, the price tested the level of 1.5882 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. I have placed the Fibonacci expansion to find potential downward targets. I got the Fibonacci expansion 100% at the price of 1.5830 and Fibonacci expansion 161.8% at the price of 1.5700. Watch for selling opportunities on the pullbacks. The trend is downward.

    Fibonacci Pivot Points:

    Resistance levels:

    R1: 1.6070

    R2: 1.6110

    R3: 1.6175

    Support levels:

    S1: 1.5945

    S2: 1.5905

    S3: 1.5840

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


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