FX.co ★ EUR/NZD analysis for January 12, 2017

Recently, EUR/NZD has been moving downwards. As I expected, the price tested the level of 1.4911 in a high volume. My first downward target at the price of 1.4905 (Fibonacci expansion 100%) almost got reached. If the price breaks the level of 1.4905 in a high volume, we may see potential testing of 1.4735 (Fibonacci expansion 161.8%). Watch for selling opportunities.

Fibonacci Pivot Points:

Resistance levels

R1: 1.5100

R2: 1.5145

R3: 1.5210

Support levels:

S1: 1.4965

S2: 1.4930

S3: 1.4860

Trading recommendations for today: Watch for selling opportunities with the first target at 1.4735.