EUR/NZD : analysis for October 16, 2015 Market Analysis Review

Overview:

Recently, EUR/NZD has been moving upwards. The price tested the level of 1.6726. In the daily time frame, we can observe a supply bar in a high volume. Our 6-day support level at 1.6845 (Fibonacci retracement 38.2%) got finally broken and we may see potential testing the level of 1.6280. Selling opportunities are preferable. On the H1 chart, we can observe weak demand around the level of 1.6730. I had placed Fibonacci retracement to find potential mid-term support levels and got Fibonacci retracement 38.2% at the level of 1.6860 (broken), Fibonacci retracement 50% at 1.6280, and Fibonacci retracement 61.8% at 1.5740. The intraday trend is neutral.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.6825

R2: 1.6910

R3: 1.7040

Support levels:

S1: 1.6560

S2: 1.6475

S3: 1.6340

Trading recommendations: Be careful when buying and watch for potential selling opportunities after retracement.

The material has been provided by InstaForex Company - www.instaforex.com

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