EUR/NZD analysis for October 28, 2015 Market Analysis Review

Overview:

Recently, EUR/NZD has been moving sideways around the level of 1.6400. In the daily time frame, we can observe a neutral bar. Our Fibonacci major retracement 50% held successfully and the price was rejected. An intraday trend is neutral but short-term trend is still downward. The support level is found at 1.6150. If the price breaks the level of 1.6150, we may see a downward continuation. In the H1 time frame, we can observe weak demand bars, which is a sign that buying EUR/NZD looks risky at this stage.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.6350

R2: 1.6375

R3: 1.6420

Support levels:

S1: 1.6245

S2: 1.6225

S3: 1.6180

Trading recommendations: Be careful when buying at this stage. Short positions are preferable.

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

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