Overview:
Recently, EUR/NZD has been moving sideways around the level of 1.6620. Low volatility is bserved on the market. In the daily time frame, we can observe a weak supply bar in a volume just below the average. The price rejected from our major resistance level (1.6805). According to the M15 time frame, we can observe few selling climax actions (potential intraday buyers.) The short-term trend has changed from bullish to neutral. Be careful when selling EUR/NZD at this stage. I found a strong trading range between the levels of 1.6590 and 1.6590.
Fibonacci Pivot Points :
Resistance levels:
R1: 1.6695
R2: 1.6730
R3: 1.6770
Support levels:
S1: 1.6605
S2: 1.6575
S3: 1.6530
Trading recommendations: Sideywas market. Wait for a breakout of the trading range to confirm the further direction.
The material has been provided by InstaForex Company - www.instaforex.comFor detail explanation and best discovery on daily market trends and news you may visit via EUR/NZD : analysis for August 05, 2015 . Thanks for your support.
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