06.11.201513:07 Forex Analysis & Reviews: EUR/NZD : analysis for November 06, 2015

Long-term review

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Overview:

Recently, EUR/NZD has been moving sideways around the price of 1.6460. Activity in the market is still low. The trend is downward, the price is in the Ichimoku cloud on the H4 chart. We can observe a 10-day major support cluster around the prices of 1.6150-1.6210. So be careful when selling EUR/NZD before a breakout of our key support level. According to the Daily time frame we can observe neutral bars, which is a sign for indecision market. The price has broke our downward channel but with very weak price action. A breakout in a high volume of the level of 1.6150 will confirm further downward continuation. Resistance is at the price of 1.6500. Watch for a potential change in polarity. The strong support at the price of 1.6150 may become strong resistance once it is broken.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.6500

R2: 1.6530

R3: 1.6580

Support levels:

S1: 1.6400

S2: 1.6370

S3: 1.6315

Trading recommendations: Be careful when selling EUR/NZD at this stage since the price is at the 1.6150 critical support. Watch for a potential breakout of the level of 1.6150 to confirm downward continuation.

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