EUR/NZD analysis for May 27, 2015 Market Analysis Review

Overview:

Recently, EUR/NZD has been trading downwards. The price tested the level of 1.4991 in an ultra high volume (selling climax). The short-term trend is neutral. According to the daily time frame, we can observe weak supply and reversal up-thrust bar (bullish). According to the 30-minute time frame, the price again rejected from our Fibonacci expansion 100% (1.4950) in a high volume. Be careful when selling EUR/NZD since we may see bullish movements. The first strong resistance is around the level of 1.5040.

Fibonacci Pivot Points:

Resistance levels:

R1: 1.5075

R2: 1.5110

R3: 1.5164

Support levels:

S1: 1.4962

S2: 1.4927

S3: 1.4872

Trading recommendations: Be careful when selling EUR/NZD at this stage since we can observe strong bullish activity (volume) in the background and rejection from our support.

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