EUR/NZD analysis for August 03, 2015

EURNZDDaily03.png

EURNZDM3003.png

Overview:

Recently, EUR/NZD has been moving downwards . The price tested the level of 1.6598. In the daily time frame, we can observe a demand bar which closed in the middle in a high volume (sign of weakness). The price rejected from our major resistance level (1.6805). The short-term trend has changed bullish to neutral. Be careful when buying EUR/NZD at this stage and watch for potential selling opportunities. Our upward trendline got broken in the background which is another sign of weakness.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.6780

R2: 1.6850

R3: 1.6965

Support levels:

S1: 1.6545

S2: 1.6475

S3: 1.6360

Trading recommendations: Be careful when buying EUR/NZD and watch for potential selling opportunities. Strong resistance is around the level of 1.6805.

The material has been provided by InstaForex Company – www.instaforex.com

Tags: