FX.co ★ EUR/NZD analysis for August 11, 2015

Overview:

Recently, EUR/NZD has been moving upwards. The price tested the level of 1.6858. In the daily time frame, we can observe a weak supply bar in a volume below the average. The price has broke our major resistance level (1.6805) and if it stays above, it will be a strong bullish signal. According to the H4 time frame, we can observe strong demand in a high volume. The short- and mid-term trends are upward, so watch only for buying opportunities after retracement. Potential strong re-aaccumulation incoming.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.6687

R2: 1.6722

R3: 1.6778

Support levels:

S1: 1.6575

S2: 1.6540

S3: 1.6485

Trading recommendations: Watch for buying opportunities after retracement. Trend is upward.