EUR/NZD analysis for January 19, 2016 Market Analysis Review

Overview:

Recently, EUR/NZD has been moving downwards. EUR/NZD is in a bearish corrective phase. The price tested the level of 1.6672. The price has tested the level of 1.6788 in a volume above the average. In the daily time frame, the price is still above all the key MAs: 50SMA,100SMA,150SMA, and 200SMA. In the H1 time frame, I found corrective Fibonacci expansion 100% around the price of 1.6635. The price is testing the 200 SMA according to the H1 time frame. The short-term trend is still upward. Selling EUR/NZD at this stage looks risky. Watch for potential buying opportunities on the dips. Resistance level is seen at 1.7130.

Fibonacci Pivot Points:

Resistance levels:

R1: 1.6985

R2: 1.7040

R3: 1.7130

Support levels:

S1: 1.6805

S2: 1.6750

S3: 1.6660

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

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