FX.co ★ EUR/NZD: analysis for July 03, 2015

Overview:

Recently, EUR/NZD is moving upwards. The price tested the level of 1.6615 in a volume above the average. 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 but mid-term trend is still bullish. Our support at 1.6615 was put to the test. According to the H4 time frame, we can observe the demand bar in an average volume. 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. Anyway, if the price breaks the level of 1.6615 in a high volume, a test at the level of 1.7000 is possible.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.6590

R2: 1.6640

R3: 1.6725

Support levels:

S1: 1.6420

S2: 1.6365

S3: 1.6280

Trading recommendations: The short-term trend has changed from bullish to neutral but mid-term trend is still bullish. If the price breaks the level of 1.6615, a test at the level of 1.7000 is possible.