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EUR/NZD : analysis for June 24, 2015

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Overview:

Recently, EUR/NZD is moving downwards. As we expected, the price tested the level of 1.6241 in a high volume but with weak price action. In the daily time frame, we can observe a neutral bar (doji), which is a sign of the sideways market. Our strong trading range between the levels of 1.6515 and 1.6350 (support) was broken but with a very weak price action. The short-term trend is neutral, but the mid-term trend is bullish. According to the H1 time frame, we can observe a bearish bar in an ultra-high volume (selling climax) but with very weak price action, which is a sign that we may expect bullish direction. Anyway, I am waiting for larger activity on the market and stronger price actions to confirm the further direction.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.6460

R2: 1.6520

R3: 1.6610

Support levels:

S1: 1.6275

S2: 1.6215

S3: 1.6123

Trading recommendations: Selling climax according to the H1 time frame. Selling looks risky because of weak supply around the level of 1.6255.



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