Overview:
Recently, EUR/NZD has been moving sideways around the price of 1.6330. Low activity is on the market. The trend is downward, the price is below the Ichimoku cloud on the H4 and daily charts. We can observe a 7-day major support cluster around the prices of 1.6150-1.6210. So, be careful when selling EUR/NZD before a breakout of our key support level. The price is also in a strong downward channel. A breakout in a high volume of the level of 1.6150 will confirm further downward continuation. Resistance is at the price of 1.6500. Watch for potential changing polarity. The strong support at the price of 1.6150 may become strong resistance once it is broken.
Fibonacci Pivot Points :
Resistance levels:
R1: 1.6370
R2: 1.6405
R3: 1.6460
Support levels:
S1: 1.6265
S2: 1.6235
S3: 1.6180
Trading recommendations: Be careful when selling EUR/NZD at this stage since the price is at the 1.6150 critical support. Watch for a potential breakout of the level of 1.6150 to confirm downward continuation.
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 November 03, 2015 . Thanks for your support.
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