EUR/NZD : analysis for May 11, 2015 Market Analysis Review

Overview:

Recently, EUR/NZD has been trading upwards. As we expected, the price tested the level of 1.5185 in a high volume. The short-term trend is bullish. Our target at 1.5155 (Fibonacci retracement 50%) has been reached and we can observe a completed bearish corrective phase in the background. According to the daily time frame, we can observe supply in a volume just above average in the background. Our target is at the price of 1.5450. Watch for potential buying opportunities on the dips (after bearish correction).

Fibonacci Pivot Points:

Resistance levels:

R1: 1.5100

R2: 1.5150

R3: 1.5230

Support levels:

S1: 1.4950

S2: 1.4900

S3: 1.4826

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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