EUR/NZD analysis for May 07, 2015 Market Analysis Review

Overview:

Recently, EUR/NZD has been trading upwards. As we had expected, the price tested the level of 1.5240 in a high volume. The short-term trend is bullish. Be careful when selling EUR/NZD. Our objective point at the price of 1.5155 (Fibonacci retracement 50%) has been reached. According to the daily time frame, we can observe demand in a high volume. I placed Fibonacci retracement to find next bullish objective point Fibonacci retracement 61.8% at the price of 1.5450.

Fibonacci Pivot Points:

Resistance levels:

R1: 1.5160

R2: 1.5250

R3: 1.5390

Support levels:

S1: 1.4875

S2: 1.4780

S3: 1.4645

Trading recommendations: Be careful when selling EUR/NZD and watch for potential buying opportunities after a retracement.

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