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EUR/NZD: analysis for June 04, 2015

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Overview:

Recently, EUR/NZD has been trading upwards. As we expected, the price tested the level of 1.5905 in a very high volume with strong price action. The short-term trend is bullish. According to the daily time frame, we can observe demand in a high volume with strong price action in the background. According to the H4 time frame, the price tested our objective point at the level of 1.5800. Next bullish objective point is seen around 1.6200. Selling looks risky since we are in the bullish trend and we have strong bullish activity in the background (re-accumulation). Watch for potential buying opportunities after the bearish correction (buy on dips).

Fibonacci Pivot Points :

Resistance levels:

R1: 1.5790

R2: 1.5855

R3: 1.5960

Support levels:

S1: 1.5580

S2: 1.5515

S3: 1.5415

Trading recommendations: Be careful when selling EUR/NZD at this stage since we can observe strong bullish activity (volume) in the background and broken supply trendline. Re-accumulation is in progress.



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