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

Overview:

Recently, EUR/NZD has been moving upwards. The price tested the level of 1.6803 in a volume above the average. In the daily time frame, we can observe demand bar in a volume below the average. There is also an inside-bar formation with high at the price of 1.6805 and a low (support) at 1.6340. Watch for a potential breakout of inside-bar support or resistance. Resistance level at the price of 1.6805 is on the test. The short-term trend is neutral, but the mid-term trend is still bullish. I am still waiting for larger liquidity and stronger price actions to confirm further direction.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.6720

R2: 1.6755

R3: 1.6810

Support levels:

S1: 1.6610

S2: 1.6580

S3: 1.6520

Trading recommendations: Watch for a potential breakout of our trading range. I am waiting for larger liquidity and stroner price action to confirm further direction.