EUR/NZD : analysis for June 22, 2015 Market Analysis Review

Overview:

Recently, EUR/NZD is moving upwards. The price tested the level of 1.6517 in an average volume. In the daily time frame, we can observe a bullish bar in a volume below the average. I found a trading range between the levels of 1.6515 and 1.6350 (support). I had placed Fibonacci retracement to find potential support levels. I got Fibonacci retracement 38.2% at the level of 1.6380, Fibonacci retracement 50% at 1.6340 and Fibonacci retracement 61.8% at 1.6300. The short-term trend is bullish. I am waiting for a clear price action and strong breakout of the trading range to confirm its further direction.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.6460

R2: 1.6490

R3: 1.6535

Support levels:

S1: 1.6375

S2: 1.6345

S3: 1.6300

Trading recommendations: We can observe sideways market around the level of 1.6480. Wait for a clear breakout of the trading range in a high volume to confirm further direction. The short-term trend is bullish.

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