FX.co ★ EUR/NZD analysis for May 11, 2016

Recently, EUR/NZD has been moving downwards. The price tested the level of 1.6656 in a high volume. According to the 1H time frame, I found a volume spike (selling climax in the background). I was a bearish bar in an ultra high volume but it closed well of the low, which indicates strength. I also found few signs of strength later on, which is a sign that selling looks risky. Watch for buying opportunities on the dips. Take profit level is set at the price of 1.6920.

Fibonacci Pivot Points:

Resistance levels:

R1: 1.6900

R2: 1.6930

R3: 1.6990

Support levels:

S1: 1.6785

S2: 1.6750

S3: 1.6690

Trading recommendation for today: Watch for buying opportunities on the dips.