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    EUR/USD Bullish Outlook for June 29, 2012 (Daily Strategy)

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    Overview:

    Recently, EUR/NZD is moving downwards. The price tested the level of 1.6458 in an average volume. In the daily time frame, we can observe a bullish bar in a volume just above the average. A short-term trend is neutral, but a mid-term trend is still bullish. We can observe a fake breakout of the highs in the background, which is sign that buyers don't have power for stronger bullish momentum. We created new trading range between the level of 1.6340 and the level of 1.6675. I am still waiting for larger liquidity and stronger price action.

    Fibonacci Pivot Points :

    Resistance levels:

    R1: 1.6667

    R2: 1.6745

    R3: 1.6875

    Support levels:

    S1: 1.6410

    S2: 1.6330

    S3: 1.6200

    Trading recommendations: Selling EUR/NZD looks risky. We can observe strong support around the level of 1.6425.


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