FX.co ★ EUR/NZD analysis for July 25, 2016

Recently, EUR/NZD has been moving sideways at the price of 1.5720. According to the 3M time frame, I found weakness in the background. Strong supply in a high volume entered the market and after that I found up-thrust bars (supply overcame demand). There is also rounded top formation. Be careful when buying and watch for selling opportunities. Downward target level is set at the price of 1.5670.

Fibonacci Pivot Points:

Resistance levels:

R1: 1.5760

R2: 1.5800

R3: 1.5860

Support levels:

S1: 1.5645

S2: 1.5610

S3: 1.5550

Trading recommendations for today: Be careful when buying and watch for selling opportunities.