EUR/NZD : analysis for July 17, 2015 Market Analysis Review

Overview:

Recently, EUR/NZD is moving downwards. As we had expected, the price tested the level of 1.6580 in a volume above the average. In the daily time frame, we can observe a weak upward bar in a volume just above the average and there is also an inside-bar formation at the level of 16677 (held successful) and a low (support) at 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 level of 1.6390. Strong support is seen at the level of 1.6610. The short-term trend is neutral, but the mid-term trend is still bullish. I am still waiting for larger liquidity and stronger price actions to confirm the further direction.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.6780

R2: 1.6835

R3: 1.6925

Support levels:

S1: 1.6600

S2: 1.6550

S3: 1.6460

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

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

For detail explanation and best discovery on daily market trends and news you may visit via EUR/NZD : analysis for July 17, 2015 . Thanks for your support.