11.01.201612:57 Forex Analysis & Reviews: EUR/NZD analysis for January 11, 2016

Long-term review

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Overview:

Recently, EUR/NZD has been moving upwards. As I had expected, the price tested the level of 1.6837 in an average volume. In the daily time frame, I found rejection from our SMA100 and SMA150 at the price of 1.6770. In the H1 time frame, I found a strong upward trend and bullish engulfing pattern. Besides, the price is above SMA50, SMA100, and SMA200. Selling EUR/NZD at this stage looks risky. Watch for potential buying opportunities. The resistance level is at the price of 1.6835.

Fibonacci Pivot Points:

Resistance levels:

R1: 1.6720

R2: 1.6820

R3: 1.6985

Support levels:

S1: 1.6395

S2: 1.6295

S3: 1.6135

Trading recommendations: Resistance at the price of 1.6800 is on the test. Anyway, since the intraday and short-term trend is upward, watch for potential buying opportunities on the dips.

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