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EUR/NZD : analysis for June 05, 2015

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Overview:

Recently, EUR/NZD has been trading sideways around 1.5755. The short-term trend is bullish. According to the daily time frame, we can observe neutral bar (indecision) in a volume above the average. According to the H1 time frame, the price has broken the supply trendline. The 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 a bearish correction (buy on dips).

Fibonacci Pivot Points :

Resistance levels:

R1: 1.5875

R2: 1.5925

R3: 1.6000

Support levels:

S1: 1.5725

S2: 1.5680

S3: 1.5605

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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