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    EUR/NZD analysis for July 20, 2015

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    Overview:

    Recently, EUR/NZD is moving downwards. As we had expected, the price tested the level of 1.6428 in a volume above the average. In the daily time frame, we can observe a weak downward bar in a volume below the average. There is also an inside-bar formation at the level of 16677 (held successful) and a low (support) at 1.6340. Watch for a potential breakout of inside-bar support or resistance. Besides, we have strong rejection from our demand trendline (support) around the level of 1.6390. Strong support is seen at the level of 1.6410. The short-term trend is neutral, but the mid-term trend is still bullish. I am still waiting for larger liquidity and stronger price actions to confirm the further direction.

    Fibonacci Pivot Points :

    Resistance levels:

    R1: 1.6675

    R2: 1.6700

    R3: 1.6750

    Support levels:

    S1: 1.6575

    S2: 1.6545

    S3: 1.6495

    Trading recommendations: Buying EUR/NZD at this stage looks risky since we have a fake breakout in the background.


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