EUR/NZD : analysis for June 29, 2015 Market Analysis Review

Overview:

Recently, EUR/NZD is moving sideways around the level of 1.6245. As we had expected, the price tested the level of 1.6235 in a high volume. In the daily time frame, we can observe a demand bar, which is a sign that selling looks risky. The short-term trend is neutral, but the mid-term trend is bullish. We got a gap between the level of 1.6300 and 1.6115. Bullish phase is in progress, so watch for potential buying opportunities on dips. Anyway, I had placed Fibonacci retracement to find potential resistance levels and I got Fibonacci retracement 50% at the price of 1.6300 and Fibonacci retracement 61.8% at the price of 1.6370.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.6365

R2: 1.6400

R3: 1.6460

Support levels:

S1: 1.6240

S2: 1.6200

S3: 1.6140

Trading recommendations: Market is sideways around the level of 1.6240. The rice is still in the gap zone. Watch for a potential breakout of the gap zone.

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

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