FX.co ★ EUR/NZD analysis for August 27, 2015

Overview:

Recently, EUR/NZD has been moving donwards. The price tested the level of 1.7404. The price has spiked 1,000 pips since our last analysis, but it created a strong sign of weakness and a big supply pressure in the background. In the daily time frame, we can observe supply in a high volume. Now, this is a strong sign of weakness. Consider only selling opportunities after retracement. Potential profit targets are 1.7330, 1.6930, and 1.6260. The intraday trend is downward. According to the M15 time frame, we did not get any strong demand bars (weak demand).

Fibonacci Pivot Points :

Resistance levels:

R1: 1.7786

R2: 1.7877

R3: 1.8025

Support levels:

S1: 1.7490

S2: 1.7400

S3: 1.7250

Trading recommendations: Watch only for selling opportunities after retracement.