EUR/NZD Analysis for April 19, 2016
Recently, EUR/NZD has been moving downwards. As I expected, the price reached our first take profit level at 1.6135. According to the daily time frame, I found that supply is still present in the market and buying at this stage looks risky. Anyway, successful breakout of pivotal point 1.6135 will confirm further downward continuation and potential testing of 1.5850 (second take profit level). If price doesn't break 1.6135, we may see upward movement and potential testing of 1.6260. So far, the level of 1.6135 held successfully.
Fibonacci Pivot Points:
Resistance levels:
R1: 1.6420
R2: 1.6470
R3: 1.6550
Support levels:
S1: 1.6250
S2: 1.6200
S3: 1.6120
Trading recommendation for today:
Observe pivotal point at 1.6135 to make final decision. Successful breakout of 1.6135 will confirm lower price but the successful rejection of 1.6135 will confirm further upward movement.
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