06.10.201613:32 Forex Analysis & Reviews: Analysis of EUR/NZD for October 06, 2016

Long-term review

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Recently, EUR/NZD has been moving sideways at the price of 1.5640. On the 1H time frame, I found tight tranding range (potential re-accumulation) between the price of 1.5600 (support) and the price of 1.5651 (resistance). SInce I found strong accumulation in the background and the trend is upward, my advice is to watch for buying opportunities above the price of 1.5651. Upward objective point is set at the price of 1.5820.

Fibonacci Pivot Points:

Resistance levels

R1: 1.5647

R2: 1.5680

R3: 1.5730

Support levels:

S1: 1.5550

S2: 1.5515

S3: 1.5465

Trading recommendations for today: Watch for buying opportunities above the price of 1.5651.

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