EUR/NZD : analysis for May 08, 2015 Market Analysis Review

Overview:

Recently, EUR/NZD has been trading downwards.The price tested the level of 1.5002 in a high volume. The short-term trend is bullish. Our objective point at 1.5155 (Fibonacci retracement 50%) has been reached and we can observe bearish corrective phase in progress. According to the daily time frame, we can observe weak demand. I placed Fibonacci retracement from the most recent bullish leg to find potential support levels. I got Fibonacci retracement 38.2% at the level of 1.5040, Fibonacci retracement 50% at 1.4980, and Fibonacci retracement 61.8% at 1.4920. Watch for potential buying opportunities on the dips (after bearish correction).

Fibonacci Pivot Points:

Resistance levels:

R1: 1.5215

R2: 1.5260

R3: 1.5333

Support levels:

S1: 1.5060

S2: 1.5010

S3: 1.4940

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

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

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