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    EUR/NZD: analysis for July 21, 2015

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    Overview:

    Recently, EUR/NZD is moving downwards. As we had expected, the price tested the level of 1.6359 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, the price has broke our upward trendline. 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: 1.6595

    R2: 1.6645

    R3: 1.6728

    Support levels:

    S1: 1.6440

    S2: 1.6390

    S3: 1.6312

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


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