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EUR/NZD analysis for October 11, 2016

analytics57fcda59c6390.png

Recently, EUR/NZD has been moving sideways at the price of 1.5645. On the 30M time frame, I found that price went back into a trading range and broke the recent swing highs (support levels), which is a sign that EUR/NZD may go lower. The price is trading below the 50SMA, which indicates that sellers are in control. My advice is to watch for selling opportunties. Take profit levels are set at the price of 1.5590 and 1.5535.

Fibonacci Pivot Points:

Resistance levels

R1: 1.5645

R2: 1.5670

R3: 1.5710

Support levels:

S1: 1.5560

S2: 1.5535

S3: 1.5495

Trading recommendations for today: Watch for selling opportunities on the pullbacks.

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