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    EUR/NZD analysis for June 22, 2016

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    Recently, EUR/NZD has been moving sideways at the price of 1.5770. According to the 1H time frame, I found a descending triangle (continuation pattern) in creation. Be careful when buying EUR/NZD and watch for a potential breakout of the descending triangle. The breakout of 1.5740 in a high volume will confirm further downward continuation. The projected target from the descending triangle is set at the price of 1.5675. The major near-term target is set at the price of 1.5500.

    Fibonacci Pivot Points:

    Resistance levels:

    R1: 1.5910

    R2: 1.5950

    R3: 1.6030

    Support levels:

    S1: 1.5750

    S2: 1.5700

    S3: 1.5620

    Trading recommendations for today: Watch for selling opportunities if the price breaks support of the descending triangle.


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