EUR/NZD : analysis for April 19, 2015 Market Analysis Review

Overview:

Recently, EUR/NZD is moving sideways around the level of of 1.6380. In the daily time frame, we can observe a bullish bar in a volume just above the average. I found new trading range between the levels of 1.6470 and 1.6350 (support). I had placed Fibonacci retracement to find potential support levels. I got Fibonacci retracement 50% at 1.6340 and Fibonacci retracement 61.8% at 1.6300. The short-term trend is neutral. I am waiting for a clear price action and strong volume to confirm further direction.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.6490

R2: 1.6560

R3: 1.6670

Support levels:

S1: 1.6265

S2: 1.6195

S3: 1.6080

Trading recommendations: We can observe sideways market around the level of 1.6380. Wait fora clear breakout of a trading range in a high volume to confirm further direction.

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

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