FX.co ★ EUR/NZD : analysis for April 03, 2015

Overview:

In our last analysis, EUR/NZD was trading downwards. The price has tested the level of 1.4469 in a volume below average. We have faced very low volatility (due to bank holidays) today, so be careful when trading. The price has broken our resistance level at 1.4500. According to the price action on the H4 time frame, we can observe supply in an volume below average. The short-term trend turned from bullish to neutral. We are awaiting for a clear direction for better possibilities.

Daily Fibonacci pivot levels:

Resistance levels:

R1: 1.4529

R2: 1.4561

R3: 1.4613

Support levels:

S1: 1.4425

S2: 1.4393

S3: 1.4341

Trading recommendations: The trend is neutral so be careful when trading EUR/NZD at this stage. Anyway, buying opportunities are preferable because the price has broke our downward channel (35 days).