FX.co ★ EUR/NZD analysis for July 02, 2015

Overview:

Recently, EUR/NZD is moving downwards. The price tested the level of 1.6491 in a high volume. 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. According to the H4 time frame, we can observe up-thrust bar (bearish), which is a sign for bearish movements. I had placed Fibonacci retracement to find potential support levels. I 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: 1.6450

R2: 1.6480

R3: 1.6530

Support levels:

S1: 1.6360

S2: 1.6330

S3: 1.6280

Trading recommendations: The short-term trend has changed from bullish to neutral. Bearish phase is in progress and buying looks risky.