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06.05.201612:10 Forex Analysis & Reviews: EUR/NZD analysis for May 06, 2016

Long-term review

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Recently, EUR/NZD has been moving upwards. The price tested the level of 1.6704 in a high volume. According to the 15M time frame, I found successful testing of supply in a low volume, which is sign that an upward price is possible. Watch for buying opportunities on the dips. The take profit level is set at the price of 1.6740 . According to the 4H time frame, EUR/NZD is in an upward trend.

Fibonacci Pivot Points:

Resistance levels:

R1: 1.6673

R2: 1.6720

R3: 1.6790

Support levels:

S1: 1.6525

S2: 1.6480

S3: 1.6405

Trading recommendation for today: Be careful when selling EUR/NZD and watch for buying opportunities on the dips.

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