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

Overview:

Recently, EUR/NZD has been moving upwards. The price tested the level of 1.7884. In the daily time frame, we can observe a weak demand bar in an average volume. The trend is neutral. Buying still looks risky, since we got strong weakness on the background. Watch only for selling opportunities after retracement. Support is seen around the level of 1.7700. We need to see a change in trend behavior from neutral to downward and then we can watch for selling opportunities. According to the H1 time frame, we can observe sings of weakness that means we may expect a downward movement.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.7895

R2: 1.7960

R3: 1.8060

Support levels:

S1: 1.7693

S2: 1.7630

S3: 1.7528

Trading recommendations: Watch only for selling opportunities after retracement.