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EUR/NZD analysis for December 04, 2015

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Overview:

Recently, EUR/NZD has been moving upwards. The price tested the level of 1.6483 in an ultra high volume due to Draghi's speech yesterday. According to the 4H time frame, the price rejected from major resistance at the price of 1.6490. It still may be a distribution phase and we may see potential downward movements. If the price breaks the level of 1.6150, it will confirm further downward continuation. Anyway, the breakout of the level 1.6580 will confirm upward momentum. The short-term trend is still downward.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.6470

R2: 1.6630

R3: 1.6885

Support levels:

S1: 1.5965

S2: 1.5810

S3: 1.5550

Trading recommendations : Buying EUR/NZD at this stage looks very risky. Watch for potential selling opportunities. Support level is at the price of 1.6150.



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