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EUR/NZD analysis for May 20, 2015

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Overview:

Recently, EUR/NZD has been trading sideways around the price of 1.5180. The short-term trend is bullish. According to the daily time frame, supply is in a volume above the average but with weak price action. Our major resistance is around the level of 1.5310. According to the H4 time frame, we got selling climatic action (hidden buying), which prevented the price from going lower. Be careful when selling. If we see confirmation of climatic selling, the first strong support will be around the level of 1.4820 (major Fibonacci retracement 38.2%). Bullish objective point is at the price of 1.5455.

Fibonacci Pivot Points:

Resistance levels:

R1: 1.5318

R2: 1.5390

R3: 1.5510

Support levels:

S1: 1.5083

S2: 1.5011

S3: 1.4893

Trading recommendations: Be careful when selling EUR/NZD at this stage as we can observe selling climax (bearish volume spike).



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