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    EUR/NZD : analysis for May 18, 2015

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    Overview:

    Recently, EUR/NZD has been trading upwards. The price tested the level of 1.5400 in a high volume. The short-term trend is bullish. According to the daily time frame, demand is in a volume just above average. It looks like that major resistance around the level of 1.5310 (Fibonacci retracement 50% and strong cluster) got broken. We may see possible testing at the level of 1.5450. Selling looks risky since we are in the bullish trend. I found support level around 1.5310 (resistance became support). According to the 30min timeframe, we got selling climatic actions (hidden buying).

    Fibonacci Pivot Points:

    Resistance levels:

    R1: 1.5340

    R2: 1.5370

    R3: 1.5425

    Support levels:

    S1: 1.5235

    S2: 1.5200

    S3: 1.5150

    Trading recommendations: Be careful when selling EUR/NZD at this stage since we are in bullish trend.


    Uitgevoerd door, Analytische expert
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