FX.co ★ EUR/NZD : analysis for July 13, 2015

Overview:

Recently, EUR/NZD is moving downwards. The price tested the level of 1.6458 in an average volume. In the daily time frame, we can observe a bullish bar in a volume just above the average. A short-term trend is neutral, but a mid-term trend is still bullish. We can observe a fake breakout of the highs in the background, which is sign that buyers don't have power for stronger bullish momentum. We created new trading range between the level of 1.6340 and the level of 1.6675. I am still waiting for larger liquidity and stronger price action.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.6667

R2: 1.6745

R3: 1.6875

Support levels:

S1: 1.6410

S2: 1.6330

S3: 1.6200

Trading recommendations: Selling EUR/NZD looks risky. We can observe strong support around the level of 1.6425.