EUR/NZD analysis for November 23, 2015 Market Analysis Review

Overview:

Recently, EUR/NZD has been moving upwards. The price tested the level of 1.6339 in a high volume. I am waiting for larger activity and stronger price actions. The short-term trend is still neutral. The major 20-day support at the level of 1.6150 held successfully. Be careful when selling EUR/NZD before a breakout of the key support level takes place. In the the daily time frame, we can see a demand bar in a high volume. I had placed Fibonacci retracement to find potential resistance levels and got Fibonacci retracement 38.2% at the level of 1.6860 , Fibonacci retracement 50% at the level of 1.7080. In the M30, I found rising support (diagonal), which is a sign that we may expect a further upward movement. First strong resistance is seen at the level of 1.6570.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.6322

R2: 1.6365

R3: 1.6430

Support levels:

S1: 1.6190

S2: 1.6150

S3: 1.6080

Trading recommendations : Intraday buying opportunities are preferable. Selling opportunities are preferable only if the price breaks major support at the level of 1.6150.

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