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

Overview:

Recently, EUR/NZD has been moving upwards. The price tested the level of 1.7966 in an ultra-high volume. In the daily time frame, we can observe a demand bar in an average volume. The intraday trend is neutral. I found strong trading range between the levels of 1.7965 (resistance) and 1.7270 (support). In the H1 time frame, we can observe a clesr sign weakness (supply coming in with very wide spread) that means we may expect further downward movement. Buying looks very risky. We may see potential testing of our support at the level of 1.7660.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.7961

R2: 1.8035

R3: 1.8153

Support levels:

S1: 1.7725

S2: 1.7650

S3: 1.7535

Trading recommendations: Weakness is observed in the H1 time frame. Be careful when buying EUR/NZD and watch for potential selling opportunities if the trend changes its direction.