EUR/NZD : analysis for May 12, 2015 Market Analysis Review

Overview:

Recently, EUR/NZD has been trading upwards. As we expected, the price tested the level of 1.5312 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 demand in an average volume. Our target is at 1.5450. Watch for potential buying opportunities on the dips (after bearish correction). First support level is around 1.5230-1.5210.

Fibonacci Pivot Points:

Resistance levels:

R1: 1.5220

R2: 1.5270

R3: 1.5345

Support levels:

S1: 1.5060

S2: 1.5010

S3: 1.4935

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

For detail explanation and best discovery on daily market trends and news you may visit via EUR/NZD : analysis for May 12, 2015 . Thanks for your support.