FX.co ★ EUR/NZD analysis for July 07, 2015

Overview:

Recently, EUR/NZD is moving downwards. The price tested the level of 1.6469 in a volume above the average. In the daily time frame, we can observe a weak demand bar, which is a sign that buying looks risky. The short-term trend changed from bullish to neutral but the mid-term trend is still bullish. Our strong resistance at 1.6615 was held successfuly again. According to the H4 time frame, we can observe the supply bar in an average volume. I placed Fibonacci retracement to find potential support levels and got Fibonacci retracement 38.2% at the level of 1.6400, Fibonacci retracement 50% at the level of 1.6330 and Fibonacci retracement 61.8% at the level of 1.6260.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.6563

R2: 1.6600

R3: 1.6650

Support levels:

S1: 1.6455

S2: 1.6420

S3: 1.6370

Trading recommendations: Buying EUR/NZD looks risky. Watch for potential selling opportunities. We got support around the level of 1.6400 and 1.6350.