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EUR/NZD analysis for April 17, 2015


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Recently, EUR/NZD has been moving downwards. As we expected, the price tested the level of 1.6898 in a high volume. In the daily time frame, we can observe an up-thrust bar in an average volume. The price has broken our major resistance level (1.6805) and also did a successful re-test. Anyway, according to the H1 chart, we have ultra-high volume demand in the background and strong supply later on. As long as this potential absorption is active, there is a chance that price can drop. Today, we have selling climax at the price of 1.6898 according to the 30M time frame. So, selling at this stage looks risky.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.7070

R2: 1.7105

R3: 1.7160

Support levels:

S1: 1.6960

S2: 1.6925

S3: 1.6670

Trading recommendations: Watch only for selling opportunities after retracement. Strong support is seen near the price of 1.6800.

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