EUR/NZD analysis for July 16, 2015 Market Analysis Review

Overview:

Recently, EUR/NZD is moving upwards. As we expected, the price tested the level of 1.6807 in a volume above the average. In the daily time frame, we can observe an upward bar in a volume below the average and there is also an inside-bar formation with a high at the price of 16677 (currently on the test) and a low (support) at the price of 1.6340. Watch for a potential breakout of inside-bar support or resistance. Also, we got strong rejection from our demand trendline (support) around the price of 1.6390. The short-term trend is neutral, but the mid-term trend is still bullish. I am still waiting for larger liquidity and stronger price action to confirm further direction.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.6650

R2: 1.6725

R3: 1.6840

Support levels:

S1: 1.6425

S2: 1.6355

S3: 1.6240

Trading recommendations: Buying EUR/NZD at this stage looks risky, since we have a fake breakout in the background.

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