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EUR/NZD: analysis for August 28, 2015

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Overview:

Recently, EUR/NZD has been moving donwards. The price tested the level of 1.7277. In the daily time frame, we can observe a supply bar in an average volume. The trend is neutral. Our Fibonacci expansion 61.8% at the level of 1.7325 held successfully. Anyway, we saw weakness in the 1H time frame (up-thrust bar). Buying still looks risky in the background. Watch only for selling opportunities after retracement. Support is seen around the level of 1.7275.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.7575

R2: 1.7655

R3: 1.7780

Support levels:

S1: 1.7325

S2: 1.7250

S3: 1.7120

Trading recommendations: Watch only for selling opportunities after retracement.



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