EUR/NZD analysis for January 21, 2016 Market Analysis Review

Overview:

Recently, EUR/NZD has been moving downwards. The price tested the level of 1.6785 in a high volume. In the daily time frame, the price is above all the key MAs: 50SMA,100SMA,150SMA, and 200SMA. Also, the price rejected 10SMA in the daily time frame, which is a sign of strength and lack of professional selling. In the H1 time frame, I found a strong upward trend and successful rejection from 200SMA. The resistance level is seen at 1.7260. Today, the data on the Interest Rate Decision and ECB's meeting is due to be released. So, trading ahead of these events may be risky. Watch post reaction and establish your positions. Watch for potential buying opportunities on dips.

Fibonacci Pivot Points:

Resistance levels:

R1: 1.7180

R2: 1.7265

R3: 1.7405

Support levels:

S1: 1.6900

S2: 1.6810

S3: 1.6670

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

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