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EUR/NZD analysis for December 02, 2015

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Overview:

Recently, EUR/NZD has been moving sideways around the price of 1.5930. The short-term trend is still downward. The major 22-day trading range (redistribution) support at the level of 1.6150 was broken last week. In the H1 time frame, I found a solid trading range between the prices of 1.5875 and 1.5970. Watch for a potential breakout downside to confirm further downward continuation. The major profit target level is at the price of 1.5740 (Major Fibonacci retracement 61.8%.).

According to the Wyckoff research I wrote major points:

SC - Selling climax

AR - Automatic rally

ST - Secondary test

UT - Up thrust

UTAD - Up thrust after distribution

LPSY - Last point of supply

SOW - Sign of weakness

Fibonacci Pivot Points :

Resistance levels:

R1: 1.6015

R2: 1.6050

R3: 1.6115

Support levels:

S1: 1.5895

S2: 1.5855

S3: 1.5795

Trading recommendations : Intraday selling opportunities are preferable. Try to sell on rallies. According to the daily time frame, the profit level is seen at 1.5740.

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