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    EUR/NZD analysis for July 07, 2015

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    Overview:

    Recently, EUR/NZD is moving downwards. The price tested the level of 1.6469 in a volume above the average. In the daily time frame, we can observe a weak demand bar, which is a sign that buying looks risky. The short-term trend changed from bullish to neutral but the mid-term trend is still bullish. Our strong resistance at 1.6615 was held successfuly again. According to the H4 time frame, we can observe the supply bar in an average volume. I placed Fibonacci retracement to find potential support levels and got Fibonacci retracement 38.2% at the level of 1.6400, Fibonacci retracement 50% at the level of 1.6330 and Fibonacci retracement 61.8% at the level of 1.6260.

    Fibonacci Pivot Points :

    Resistance levels:

    R1: 1.6563

    R2: 1.6600

    R3: 1.6650

    Support levels:

    S1: 1.6455

    S2: 1.6420

    S3: 1.6370

    Trading recommendations: Buying EUR/NZD looks risky. Watch for potential selling opportunities. We got support around the level of 1.6400 and 1.6350.


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