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EUR/NZD: analysis for May 21, 2015

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Overview:

Recently, EUR/NZD has been trading upwards. The price tested the level of 1.5284 in a high volume. The short-term trend is bullish. According to the daily time frame, supply is in a volume above the average but with a weak price action. Our major resistance is set around the level of 1.5400. According to the H4 time frame, we got selling climatic action (hidden buying), which prevented the price from going lower. Be careful when selling. We may expect potential absorption of a selling climax.

Fibonacci Pivot Points:

Resistance levels:

R1: 1.5215

R2: 1.5250

R3: 1.5300

Support levels:

S1: 1.5110

S2: 1.5075

S3: 1.5020

Trading recommendations: Be careful when selling EUR/NZD at this stage as we can observe selling climax (bearish volume spike). Watch for potential buying opportunities on the dips.





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