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

Overview:

Recently, EUR/NZD is moving upwards. As we had expected, the price tested the level of 1.6578 in a volume above the average. In the daily time frame, we can observe a successful test of a supply bar. 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. Besides, the price has broke our upward trendline. 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: 1.6515

R2: 1.6550

R3: 1.6605

Support levels:

S1: 1.6400

S2: 1.6365

S3: 1.6310

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

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

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