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    EUR/NZD analysis for July 28, 2015

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    Overview:

    Recently, EUR/NZD has been moving downward. The price tested the level of 1.6540 in a volume above the average. In the daily time frame, we can observe a strong supply bar. Our upward trendline got broken, which is a sign that buying EUR/NZD at this stage looks risky and that we may see a bearish phase. Resistance level at the price of 1.6805 is held successfully. Support level is at the price of 1.6340.The short-term trend is bearish, but the mid-term trend is still bullish. I am waiting for larger liquidity and stronger price actions to confirm further direction.

    Fibonacci Pivot Points :

    Resistance levels:

    R1: 1.6805

    R2: 1.6845

    R3: 1.6900

    Support levels:

    S1: 1.6690

    S2: 1.6650

    S3: 1.6595

    Trading recommendations: Be careful when buying EUR/NZD and watch for potential selling opportunities. Strong support is around the price of 1.6340.


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