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EUR/NZD: analysis for June 11, 2015

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Overview:

Recently, EUR/NZD is moving upwards. As we expected, the price tested the level of 1.6138 in an ultra-high volume with a very wide spread (buying climax). In the daily time frame, we can observe a strong bullish bar. Our strong trading range between 1.5925 (resistance) and 1.5675 (support) was finally broken (re-accumulation). Be careful when selling EUR/NZD and watch for buying opportunities on dips. I had placed Fibonacci retracement to find potential support levels. I got Fibonacci retracement 38.2% at 1.5950, Fibonacci retracement 50% at 1.5890, and Fibonacci retracement 61.8% at 1.5835. Next bullish objective points are at 1.6200 and 1.6400.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.5900

R2: 1.6060

R3: 1.6280

Support levels:

S1: 1.5435

S2: 1.5250

S3: 1.5060

Trading recommendations: Be careful when selling EUR/NZD since we saw strong bullish momentum and broken trading range in the background. Watch for potential buying opportunities on the dips.



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