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EUR/NZD analysis for November 03, 2015

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Overview:

Recently, EUR/NZD has been moving sideways around the price of 1.6330. Low activity is on the market. The trend is downward, the price is below the Ichimoku cloud on the H4 and daily charts. We can observe a 7-day major support cluster around the prices of 1.6150-1.6210. So, be careful when selling EUR/NZD before a breakout of our key support level. The price is also in a strong downward channel. A breakout in a high volume of the level of 1.6150 will confirm further downward continuation. Resistance is at the price of 1.6500. Watch for potential changing polarity. The strong support at the price of 1.6150 may become strong resistance once it is broken.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.6370

R2: 1.6405

R3: 1.6460

Support levels:

S1: 1.6265

S2: 1.6235

S3: 1.6180

Trading recommendations: Be careful when selling EUR/NZD at this stage since the price is at the 1.6150 critical support. Watch for a potential breakout of the level of 1.6150 to confirm downward continuation.



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