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    EUR/NZD : analysis for November 16, 2015

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    Overview:

    Recently, EUR/NZD has been moving upwards. As I had expected, the price tested the level of 1.6572. The short-term trend is still neutral. Be careful when selling EUR/NZD before a breakout of the key support level takes place. In the the daily time frame, we can see an upward bar in a volume above the average. A high-volume breakout at the level of 1.6590 will confirm further upward movements. I had placed Fibonacci retracement to find potential resistance levels. I got Fibonacci retracement 38.2% at the level of 1.6860, Fibonacci retracement 50% at the level of 1.7080 and FIbonacci retracement 61.8% at the level of 1.7295. According to the M30, I found absorption of selling climax in the background and today highest volume was supportive nature, which is a sign that we may see upward movements. So, be careful when selling at this stage because we may see potential recovery in the euro. Anyway, strong support at 1.6150 may become strong resistance once it gets broken.

    Fibonacci Pivot Points :

    Resistance levels:

    R1: 1.6510

    R2: 1.6536

    R3: 1.6580

    Support levels:

    S1: 1.6422

    S2: 1.6395

    S3: 1.6350

    Trading recommendations: Selling looks risky at this stage so watch for potential buying opportunities on an intraday basis. Selling opportunities are preferable only if the price breaks the level of 1.6150.


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