19.11.201511:56 Forex Analysis & Reviews: EUR/NZD : analysis for November 19, 2015

Overview:

Recently, EUR/NZD has been moving downwards. The price tested the level of 1.6343 in a high volume. I am waiting for larger activity and stronger price actions. The short-term trend is still neutral. The level of 1.6350 has few trend lines, which suggested good support at this stage. Be careful when selling EUR/NZD before a breakout of the key support level takes place. In the the daily time frame, we can see a weak demand bar in an average volume. A high-volume breakout at the level of 1.6590 will confirm further upward movements. I found a point of control from yesterday (high volume area) around the levels of 1.6460-1.6500. I had placed Fibonacci retracement to find potential resistance levels and got Fibonacci retracement 38.2% at the level of 1.6860, Fibonacci retracement 50% at the level of 1.7080 and Fibonacci retracement 61.8% at the level of 1.7295. According to the M30, I found supportive nature of volume and intraday upward behavior. So, be careful when selling at this stage because we may see potential recovery in the euro. Anyway, strong support at 1.6150 may become strong resistance once it gets broken.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.6530

R2: 1.6560

R3: 1.6620

Support levels:

S1: 1.6415

S2: 1.6380

S3: 1.6322

Trading recommendations: Selling looks risky at this stage, so watch for potential buying opportunities on an intraday basis. Selling opportunities are preferable only if the price breaks the level of 1.6150.