17.06.201512:31 Forex Analysis & Reviews: EUR/NZD : analysis for June 27, 2015

Long-term review

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Overview:

Recently, EUR/NZD is moving upwards. The price tested the level of 1.6271 in an ultra-high volume. In the daily time frame, we can observe a weak bullish bar in a volume just above the average. Our trading range between the levels of 1.6150 and 1.5590 was broken and we may expect the price to move higher. We can observe re-accumulation in the background so watch for potential buying opportunities on dips. I had placed Fibonacci retracement to find potential support levels. I got Fibonacci retracement 38.2% at the level of 1.6175, Fibonacci retracement 61.8% at the level of 1.6145 and Fibonacci retracement 61.8% at the level of 1.6115. The short-term trend is bullish.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.6180

R2: 1.6220

R3: 1.6290

Support levels:

S1: 1.6040

S2: 1.6000

S3: 1.5930

Trading recommendations: We can observe the bullish market. Selling looks risky. Re-accumulation is in the background so watch for buying opportunities on the dips.

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