Overview:
Since our last analysis, the EUR/NZD pair has been trading upwards. Just as we expected, the price tested level of 1.6733 on high volume. We can observe that strong demand has entered the market at price 1.6613 which is good sign of bullish strength. I have placed Fibonacci levels to find next upper level and I got FE major 61.8% at price 1.6800. There is a chance that we may see smaller bearish correctionin reaction of very high volume but general direction is bullish. Do not forget that EUR/NZD is in short-and mid-term bullish trend and selling EUR/NZD at this stage looks very risky,so watch for buying opportunities on the dips and try to catch the bullish continuationphase.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1.6688
R2: 1.6722
R3: 1.6775
Support levels:
S1: 1.6582
S2 : 1.6548
S3: 1.6495
Trading recommendation: Be careful with selling the EUR/NZD pair, watch for buying opportunities and try to catch the bullish continuation phase.
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on market trends you may visit via EUR/NZD: Analysis for EURNZD 31, 2014 . Thanks for your support on EUR/NZD: Analysis for EURNZD 31, 2014
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