EUR/NZD analysis for January 15, 2016 Market Analysis Review

Overview:

Recently, EUR/NZD has been moving upwards. As I expected, the price tested the level of 1.7067 in a volume above the average. In the daily time frame, the price has broken 100 SMA and resistance at the level of 1.6760. In the H1 time frame, I found that the price has broken the bullish flag pattern. Selling EUR/NZD at this stage looks risky. Watch for potential buying opportunities on dips. The next upward station is seen around the level of 1.7330 (Fibonacci expansion 161.8%). I also found a daily swing low around the level of 1.7330, which is acting as resistance right now.

Fibonacci Pivot Points:

Resistance levels:

R1: 1.6955

R2: 1.7035

R3: 1.7165

Support levels:

S1: 1.6695

S2: 1.6615

S3: 1.6480

Trading recommendations: The short-term trend is still upward. So, watch for potential buying opportunities on dips.

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

For detail explanation and best discovery on daily market trends and news you may visit via EUR/NZD analysis for January 15, 2016 . Thanks for your support.