EUR/NZD Analysis for April 12, 2016
Recently, EUR/NZD has been moving downwards. As I had expected, the price tested the level of 1.6544 in a high volume. EUR/NZD has broken the upward channel. So, only watch for selling opportunities on the rallies. According to the H4 time frame, I found bar that closed in the middle of the range, which represents that supply came in today.The first take profit at the price of 1.6610 was met (Fibonacci retracement 38.2%) and the second take profit level is set at the price of 1.6480 (Fibonacci retracement 61.8%).
Fibonacci Pivot Points:
Resistance levels:
R1: 1.6760
R2: 1.6800
R3: 1.6880
Support levels:
S1: 1.6695
S2: 1.6655
S3: 1.6485
Trading recommendation for today: Watch for selling opportunities on rallies.
The material has been provided by InstaForex Company - www.instaforex.com
