FX.co ★ EUR/NZD analysis for May 12, 2016

Recently, EUR/NZD has been moving sideways at the price of 1.6700. According to the 30M time frame, I found a trading range between the prices of 1.6666 (support) and 1.6800 (resistance). Watch for a breakout of the trading range to confirm further direction. The upside target is set at the level of 1.6920. In case the price breaks support, the downside target is set at the mark of 1.6540. According to the daily time frame, I found a bearish bar with close in the middle (sign of strength).

Fibonacci Pivot Points:

Resistance levels:

R1: 1.6800

R2: 1.6845

R3: 1.6900

Support levels:

S1: 1.6675

S2: 1.6635

S3: 1.6570

Trading recommendation for today: watch for breakout of trading range to confirm further direction.