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    EUR/NZD analysis for June 21, 2016


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    Recently, EUR/NZD has been moving downwards. As I expected, the price tested my first target at 1.5840. According to the 1H time frame, I found a broken bearish flag formation. In the background, I saw a sharp decline in a heavy volume, which is a good sign that sellers are in control. If the price breaks the level of 1.5840 in a high volume, we may see potential testing of 1.5500 (major Fibonacci expansion 61.8%).

    Fibonacci Pivot Points:

    Resistance levels:

    R1: 1.5995

    R2: 1.6030

    R3: 1.6090

    Support levels:

    S1: 1.5885

    S2: 1.5850

    S3: 1.5790

    Trading recommendations for today: Watch for selling opportunities on pullbacks since I found strong downward momentum in the background and a broken bearish flag (continuation pattern)

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