Overview:
Recently, EUR/NZD has been moving sideways around the level of 1.6470. We still observe low activity in the market. The trend is downward, the price is in the Ichimoku cloud on the H4 chart. We can observe a 11-day major support cluster around 1.6150-1.6210. So, be careful when selling EUR/NZD before a breakout of our key support level takes place. In the the daily time frame, we can see neutral bars, which are a sign for an indecision market. The price has broke our downward channel but with a very weak price action. A high-volume breakout of the level at 1.6150 will confirm further downward continuation. Resistance is seen at the level of 1.6500. Watch for a potential change in polarity. The strong support at 1.6150 may become strong resistance once it is broken.
Fibonacci Pivot Points :
Resistance levels:
R1: 1.6510
R2: 1.6550
R3: 1.6620
Support levels:
S1: 1.6370
S2: 1.6330
S3: 1.6260
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 at 1.6150 to confirm a continuation downward.
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 09, 2015 . Thanks for your support.
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