EUR/NZD : analysis for January 25, 2016 Market Analysis Review

Overview:

Recently, EUR/NZD has been moving upwards. The price tested the 1.6719 level in a high volume. In the daily time frame, we can observe neutral bar (Friday bar) and rejection from Fibonacci retracement 50% (1.6550). In the H4 time frame, we found bullish engulfing candle formation, which is a sign that we may expect potential upward movement. Resistance levels are set at the 1.7130 and 1.7260 levels.

Fibonacci Pivot Points:

Resistance levels:

R1: 1.6715

R2: 1.6770

R3: 1.6850

Support levels:

S1: 1.6550

S2: 1.6500

S3: 1.6415

Trading recommendations: Intraday trend is upwards. Watch for potential buying opportunities on the dips.

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

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