EUR/NZD : analysis for May 13, 2015 Market Analysis Review

Overview:

Recently, EUR/NZD has been trading downwards.The price tested the level of 1.5066 in a high volume. The short-term trend is neutral. Our target at 1.5155 (Fibonacci retracement 50%) has been reached and we can observe bearish corrective phase in progress. According to the daily time frame, we can observe weak demand in the background around the level of 1.5240, which caused the price to start moving downwards. Watch for potential buying opportunities on the dips (after bearish correction). The first support level is seen around 1.4930.

Fibonacci Pivot Points:

Resistance levels:

R1: 1.5300

R2: 1.5335

R3: 1.5400

Support levels:

S1: 1.5160

S2: 1.5120

S3: 1.5050

Trading recommendations: Be careful when selling EUR/NZD and watch for potential buying opportunities after retracement.

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

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