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

Overview:

Recently, EUR/NZD has been moving sideways around the level of 1.6550. In the daily time frame, we can observe a strong supply bar but in a volume below the average. The pair broke the upward trendline, which is a sign that buying EUR/NZD at this stage looks risky and that we may see a bearish phase. The resistance level at 1.6805 is held successfully. Support level is seen at the level of 1.6340. The short-term trend is bearish, but the mid-term trend is still bullish. I am waiting for larger liquidity and stronger price actions to confirm further direction.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.6730

R2: 1.6800

R3: 1.6925

Support levels:

S1: 1.6485

S2: 1.6410

S3: 1.6285

Trading recommendations: Be careful when buying EUR/NZD and watch for potential selling opportunities. Strong support is around the level of 1.6340.

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