EUR/NZD analysis for August 06, 2015 Market Analysis Review

Overview:

Recently, EUR/NZD has been moving sideways around the level of 1.6650. Low volatility is observed on the market. In the daily time frame, we can observe a weak demand bar in a volume just above the average. The price rejected from our major resistance level (1.6805). According to the H4 time frame, we can observe price action in a volume below the average. 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 1.6805 and 1.6333.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.6785

R2: 1.6830

R3: 1.6900

Support levels:

S1: 1.6640

S2: 1.6600

S3: 1.6525

Trading recommendations: Sideywas market. Wait for a breakout of the trading range to confirm further direction.

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