For Traders

Analytical Reviews

Technical analysis

20.11.201509:30 Forex Analysis & Reviews: EUR/NZD analysis for November 20, 2015

Long-term review

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Overview:

Recently, EUR/NZD has been moving downwards. The price tested the level of 1.6225 in a high volume. I am waiting for larger activity and stronger price actions. The short-term trend is still neutral. The major 20-day support zone is seen at the level of 1.6150. 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 supply bar in a high volume. I had placed Fibonacci retracement to find potential support levels and got Fibonacci retracement 50% at the level of 1.6260 and Fibonacci retracement 61.8% at the level of 1.5700. In the M30, I found weak demand around the level of 1.6280.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.6450

R2: 1.6490

R3: 1.6560

Support levels:

S1: 1.6310

S2: 1.6260

S3: 1.6190

Trading recommendations: Selling opportunities are preferable only if the price breaks the level of 1.6150. Watch for a potential high-volume breakout to confirm the further downward direction.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.