EUR/NZD analysis for August 24, 2015 Market Analysis Review

Overview:

Recently, EUR/NZD has been moving upwards. The price tested the level of 1.7058 in a low volume. In the daily time frame, we can observe strong demand. EUR/NZD has changed trend from bearish to bullish. We also broke a strong resistance level at the price of 1.7090. According to the M5 and M15 time frames, we have a successful tests of supply and we may expect further upward continuation. Be careful when selling and watch for potential buying opportunities on the dips. The most recent resistance level is around the price of 1.7642.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.7056

R2: 1.7100

R3: 1.7170

Support levels:

S1: 1.6910

S2: 1.6855

S3: 1.6795

Trading recommendations: Watch for buying opportunities on the dips. EUR/NZD is in a strong uptrend.

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

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