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EUR/NZD analysis for November 02, 2015


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Recently, EUR/NZD has been moving sideways around the price of 1.6310. The trend is downward, the price is below the Ichimoku cloud on the H1 and daily charts. We can observe major support-cluster around the prices of 1.6150-1.6210. So, be careful when selling EUR/NZD before the breakout of our key support level. The price is also in a strong downward channel. A breakout in a high volume of the level of 1.6150 will confirm further downward continuation. Resistance is at the price of 1.6500.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.6365

R2: 1.6415

R3: 1.6490

Support levels:

S1: 1.6215

S2: 1.6165

S3: 1.6090

Trading recommendations: Be careful when selling EUR/NZD at this stage since the price is at the 1.6150 critical support. Watch for a potential breakout of the level of 1.6150 to confirm downward continuation.

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