Overview:
Recently, EUR/NZD has been moving sideways around the level of 1.7910. In the daily time frame, we can observe a demand bar in a volume below the average and weak price action (potential selling). The intraday trend is neutral. I found strong trading range between the levels of 1.8000 (resistance) and 1.7270 (support). In the H1 time frame, we can observe weakness (no demand bar) from the top, that means we may expect further downward movement. Buying looks very risky. We may see potential testing of our support at the level of 1.7660. Anyway, wait for changing in trend since the current intraday trend is neutral.
Fibonacci Pivot Points :
Resistance levels:
R1: 1.7985
R2: 1.8020
R3: 1.8075
Support levels:
S1: 1.7875
S2: 1.7840
S3: 1.7785
Trading recommendations: Weakness is observed in the H1 time frame. Be careful when buying EUR/NZD and watch for potential selling opportunities if the trend changes its 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 September 14, 2015 . Thanks for your support.
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