EUR/NZD : analysis for October 12, 2015 Market Analysis Review

Overview:

Recently, EUR/NZD has been moving upwards. The price tested the level of 1.7025. In the daily time frame, we can observe a demand bar in an average volume. I found the 4-day support level at 1.6845 (Fibonacci retracement 38.2%). Selling opportunities are preferable. On the H1 chart, we can observe a potential reversed head and shoulders formation. If the price breaks the level of 1.700, it will confirm our HS formation. Selling opportunities are preferable only if the price breaks our strong support in a high volume. Otherwise, we may see an upward movement. I had placed Fibonacci retracement to find potential mid-term support levels and got Fibonacci retracement 38.2% at the level of 1.6860 (on the test), Fibonacci retracement 50% at 1.6280, and Fibonacci retracement 61.8% at 1.5740.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.6990

R2: 1.7025

R3: 1.7085

Support levels:

S1: 1.6875

S2: 1.6835

S3: 1.6775

Trading recommendations: Be careful when buying and watch for potential selling opportunities if the price brekas the level of 1.6845 in a high volume.

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

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