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

Overview:

Recently, EUR/NZD has been trading upwards. As we expected, the price tested the level of 1.5529 in a very high volume and with very strong price action. The short-term trend is bullish. According to the daily time frame, we can observe demand in a high volume with strong price action in the background. According to the H4 time frame, the price was successfully rejected from the recent swing high zone (support). Selling looks risky since we are in the bullish trend and we have strong bullish activity in the background. Watch for potential buying opportunities after the bearish correction (buy on dips). Next bullish objective point is around the level of 1.5800. We can observe re-accumulation on the market.

Fibonacci Pivot Points:

Resistance levels:

R1: 1.5495

R2: 1.5540

R3: 1.5620

Support levels:

S1: 1.5335

S2: 1.5290

S3: 1.5210

Trading recommendations: Be careful when selling EUR/NZD at this stage since we can observe strong a bullish activity (volume) in the background and broken supply trendline. Potential re-accumulation.