EUR/NZD analysis for February 03, 2016 Market Analysis Review

Overview:

Recently, EUR/NZD has been moving downwards. The price tested the level of 1.6518 in a high volume. Anyway, the price reached our intraday take profit level (resistance) at 1.6875 and then rejected strongly downwards. In the 4H time frame, I saw a test of the strong support level at 1.6515 (swing low, Fibonacci expansion 61.8%). If the price breaks the level of 1.6515, we may expect potential testing of 1.6260 (Fibonacci expansion 100%) and the level of 1.5830 (Fibonacci expansion 161.8%). The intraday trend is downward.

Fibonacci Pivot Points:

Resistance levels:

R1: 1.6875

R2: 1.6945

R3: 1.7060

Support levels:

S1: 1.6650

S2: 1.6580

S3: 1.6465

Trading recommendations: the intraday trend is downard. So, watch for potential breakout of 1.6515 to confirm further downward continuation.

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