EUR/NZD analysis for February 01, 2016 Market Analysis Review

Overview:

Recently, EUR/NZD has been moving upwards. As I expected, the price tested the level of 1.6831 in a high volume. In the daily time frame, we can observe a successful test of our key point in the control zone (1.6640-1.6515). In the H4 time frame, I found the upward trend line, which successful held for few times. Even if the price breaks the upward trend line, strong support is seen at the level of 1.6545. The price is well above all key MA`s (50SMA, 100SMA, 150SMA, and 200 SMA). The first upward take-profit zone is seen around the level of 1.7260 (previous swing high).

Fibonacci Pivot Points:

Resistance levels:

R1: 1.6850

R2: 1.6915

R3: 1.7010

Support levels:

S1: 1.6650

S2: 1.6590

S3: 1.6495

Trading recommendations: Trading recommendations: the intraday trend is neutral, but the short-term trend is upward. Watch for potential buying opportunities.

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