EUR/NZD: analysis for June 10, 2015 Market Analysis Review

Overview:

Recently, EUR/NZD is moving downwards. As we expected, the price tested the level of 1.5644. In the daily time frame, we can observe a neutral bar around the price of 1.5930 in a high volume. I found strong trading range between 1.5925 (resistance) and 1.5675 (support). We can observe a fake breakout of our support cluster, which is a sign that selling looks risky at this stage.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.5910

R2: 1.5965

R3: 1.6050

Support levels:

S1: 1.5725

S2: 1.5670

S3: 1.5580

Trading recommendations: Be careful when selling EUR/NZD at this stage as we see a fake bearish breakout.

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