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    EUR/NZD : analysis for July 01, 2015

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    Overview:

    Recently, EUR/NZD is moving downwards. As we had expected, the price tested the level of 1.6341 in a high volume. In the daily time frame, we can observe a demand bar, which is a sign that selling looks risky. The short-term trend is bullish. The gap between the levels of 1.6300 and 1.6115 is closed. Bullish phase is in progress, so watch for potential opportunities to buy on dips. I had placed Fibonacci retracement to find potential support levels. I got Fibonacci retracement 38.2% at the level of 1.6370, Fibonacci retracement 50% at the level of 1.6310 and Fibonacci retracement 61.8% at the level of 1.6245. If it breaks the level of 1.6572 in a high volume , we may see a test at the level of 1.6700.

    Fibonacci Pivot Points :

    Resistance levels:

    R1: 1.6550

    R2: 1.6600

    R3: 1.6675

    Support levels:

    S1: 1.6390

    S2: 1.6340

    S3: 1.6260

    Trading recommendations: The market is bullish. Watch for potential buying opportunities above the level of 1.6572.


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