09.08.201612:34 Forex Analysis & Reviews: EUR/NZD analysis for August 09, 2016

Long-term review

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Recently, EUR/NZD has been moving sideways at the price of 1.5510. According to the 4H time frame, I found trading range between the price of 1.5640 (resistance) and 1.5440 (support). Anyway, due to the breakout of the downward channel and successful re-test, I am expecting higher price on EUR/NZD. The breakout of 1.5640 will confirm upward price. Watch for the breakout of resistance.

Fibonacci Pivot Points:

Resistance levels:

R1: 1.5610

R2: 1.5645

R3: 1.5700

Support levels:

S1: 1.5505

S2: 1.5475

S3: 1.5420

Trading recommendations for today: Watch for buying opportunities.

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