EUR/NZD : analysis for October 07, 2015 Market Analysis Review

Overview:

Recently, EUR/NZD has been moving downwards. As we expected, the price tested the level of 1.6943. In the daily time frame, we can observe a breakout of our strong support at the level of 1.7260. The intraday trend is downward. On the M30 chart, we can observe weakness near the level of 1.7025. I had placed Fibonacci retracement to find potential mid- term support levels. I got Fibonacci retracement 38.2% at the level of 1.6860, Fibonacci retracement 50% at 1.6280, and Fibonacci retracement 61.8% at 1.5740. Watch for potential selling opportunities after retracement.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.7300

R2: 1.7340

R3: 1.7410

Support levels:

S1: 1.7170

S2: 1.7130

S3: 1.7065

Trading recommendations: Be careful when buying and watch for potential selling opportunities.

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

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