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    EUR/NZD : analysis for May 28, 2015

     

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    Overview:

    Recently, EUR/NZD has been trading upwards. As we expected, the price tested the level of 1.5256 in an very high volume. The short-term trend is bullish. According to the daily time frame, we can observe demand in a volume below average but with strong price action. According to the H1 time frame, the price has broken the major resistance (1.5060) and the key supply trendline. Be careful when selling EUR/NZD since we may see bullish movements. Resistance levels are at 1.5285 and 1.5400. Anyway, watch for potential buying opportunities after bearish correction (buy on the dips).

    Fibonacci Pivot Points:

    Resistance levels:

    R1: 1.5090

    R2: 1.5120

    R3: 1.5200

    Support levels:

    S1: 1.4980

    S2: 1.4950

    S3: 1.4890

    Trading recommendations: Be careful when selling EUR/NZD at this stage since we can observe strong bullish activity (volume) in the background and broken supply trendline.


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