EUR/NZD analysis for August 04, 2015 Market Analysis Review

Overview:

Recently, EUR/NZD has been moving sideways around the price of 1.6620. In the daily time frame, we can observe a weak demand bar in a volume below the average (sign of the weakness). The price rejected from our major resistance level (1.6805). According to the M15 timeframe, we can observe few buying climax actions (potential sellers.) The short-term trend has changed from bullish to neutral. Be careful when buying EUR/NZD at this stage and watch for potential selling opportunities. Our upward trendline got broken in the background which is another sign of weakness.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.6695

R2: 1.6720

R3: 1.6755

Support levels:

S1: 1.6610

S2: 1.6595

S3: 1.6655

Trading recommendations: Be careful when buying EUR/NZD and watch for potential selling opportunities. Strong resistance is around the level of 1.6805.

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

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