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EUR/NZD : analysis for September 10, 2015

EURNZDDaily.png10.png

EURNZDH1.png10.png

Overview:

Recently, EUR/NZD has been moving upwards. The price tested the level of 1.7962 in a high volume. In the daily time frame, we can observe a demand bar in an average volume. The intraday trend is neutral. I found strong trading range between the levels of 1.7900 (resistance) and 1.7270 (support). In the H1 time frame, we can observe sings of weakness (supply coming in, uptrhust) that means we may expect further downward movement. We may see potential re-testing of our key support at the level of 1.7270.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.7630

R2: 1.7710

R3: 1.7840

Support levels:

S1: 1.7370

S2: 1.7290

S3: 1.7160

Trading recommendations: Weakness is observed in the H1 time frame. Be careful when buying EUR/NZD and watch for potential selling opportunities if the trend changes its direction.

The material has been provided by InstaForex Company - www.instaforex.com