Overview:
Recently, EUR/NZD has been moving downwards. The price tested the level of 1.7218. In the daily time frame, we can observe an up-thrust bar (sellers came in). The intraday trend is downward. According to the M30 chart, we can observe an absorption volume from the Friday volume spike, which is a sign that buying looks very risky. Watch for potential selling opportunities after retracement. Anyway, major daily support at the price of 1.7265 is on the test (daily swing lows). Watch for a potential breakout of the support to confirm further downward movement. If the price breaks the level of 1.7265, we may see possible testing of the level of 1.7010.
Fibonacci Pivot Points :
Resistance levels:
R1: 1.7575
R2: 1.7645
R3: 1.7750
Support levels:
S1: 1.7365
S2: 1.7300
S3: 1.7190
Trading recommendations: Be careful when buying and watch for potential selling opportunities.
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 October 05, 2015 . Thanks for your support.
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