EUR/NZD analysis for October 30, 2015 Market Analysis Review

Overview:

Recently, EUR/NZD has been moving downward. The price tested the level of 1.6234. In the daily time frame, we can observe a weak bullish bar. The trend is downward (the price is below Ichimoku cloud on the H1 and M30 charts. We can observe major support-cluster around the price of 1.6150. So, be careful when selling EUR/NZD before the breakout of our key support level. The price is also in a strong downward channel.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.6435

R2: 1.6475

R3: 1.6540

Support levels:

S1: 1.6310

S2: 1.6270

S3: 1.6205

Trading recommendations: Be careful when selling EUR/NZD at this stage since the price is at the 1.6150 critical support.

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

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