EUR/NZD analysis for August 12, 2015 Market Analysis Review

Overview:

Recently, EUR/NZD has been moving downwards. The price tested the level of 1.6823 in a high volume. In the daily time frame, we can observe an up-thrust bar in a high volume. The price has broken our major resistance level (1.6805) but it seems like there is no power for further upward movement. Anyway, our resistance at the price of 1.6805 now became a strong support so do not sell before you see a breakout of that level. Buyers can still load more buying positions. The trend is bullish.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.6940

R2: 1.7015

R3: 1.7135

Support levels:

S1: 1.6700

S2: 1.6627

S3: 1.6510

Trading recommendations: Watch for buying opportunities above the price of 1.6805.

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

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