EUR/NZD Analysis for April 12, 2016

EUR/NZD Analysis for April 12, 2016

12 April 2016, 13:44
Roberto Jacobs

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 -

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