FX.co ★ EUR/NZD analysis for September 01, 2015

Overview:

Recently, EUR/NZD has been moving upwards. The price tested the level of 1.7843. In the daily time frame, we can observe a demand bar in a volume below the average. The trend is neutral. Our Fibonacci expansion 61.8% at the level of 1.7325 held successfully. Anyway, we saw that supply came in according to the H1 time frame. Buying still looks risky, since we got strong weakness on the background. Watch only for selling opportunities after retracement. Support is seen around the level of 1.7275. We need to see a change in trend behavior from neutral to downward and then we can watch for selling opportunities.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.7760

R2: 1.7875

R3: 1.8065

Support levels:

S1: 1.7380

S2: 1.7260

S3: 1.7070

Trading recommendations: Watch only for selling opportunities after retracement.