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EUR/NZD analysis for November 11, 2015

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Overview:

Recently, EUR/NZD has been moving sideways around the price of 1.6395. The trend has changed to neutral from downward. We can observe a 13-day major support cluster around the 1.6150-1.6210 area. So, be careful when selling EUR/NZD before a breakout of the key support level takes place. In the the daily time frame, we can see neutral bars, which are a sign for an indecision market. The pair has broken our downward channel but with a very weak price action. A high-volume breakout at the level of 1.6150 will confirm further continuation downward. Resistance is seen at the level of 1.6500. Watch for a potential change in polarity. The strong support at 1.6150 may become a strong resistance once it gets broken.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.6475

R2: 1.6511

R3: 1.6566

Support levels:

S1: 1.6365

S2: 1.6330

S3: 1.6275

Trading recommendations: Selling opportunities are preferable. The major support is at the level of 1.6150.



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