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    EUR/NZD: analysis for July 29, 2015

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    Overview:

    Recently, EUR/NZD has been moving sideways around the level of 1.6550. In the daily time frame, we can observe a strong supply bar but in a volume below the average. The pair broke the upward trendline, which is a sign that buying EUR/NZD at this stage looks risky and that we may see a bearish phase. The resistance level at 1.6805 is held successfully. Support level is seen at the level 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: 1.6730

    R2: 1.6800

    R3: 1.6925

    Support levels:

    S1: 1.6485

    S2: 1.6410

    S3: 1.6285

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


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