EUR/NZD Analysis for April 19, 2016

EUR/NZD Analysis for April 19, 2016

19 April 2016, 13:13
Roberto Jacobs

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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