Overview:
Since our previous analysis, the EUR/NZD pair has been trading downwards, we tested the level of 1.6363 on ultra high volume (selling climax). We can observe selling climax at the price 1.6363 and also testing of our Fibonacci Retracement 61.8 % (1.6432).. Be careful with selling this pair since we got selling climax and Fibonacci retracement level around the price of 1.6430. Do not forget that EUR/NZD is in short- and mid-term bullish trend and selling EUR/NZD at this stage looks very risky. Watch for buying opportunities on the dips and try to catch the bullish continuation phase.In case that price breaks the level of 1.6360 on higher volume, we may see testing of the level 1.6310 (major Fibonacci expansion 61.8%) before any bullish movement.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1.6679
R2: 1.6780
R3: 1.6943
Support levels:
S1: 1.6353
S2 : 1.6252
S3: 1.6089
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 February 05, 2014 . Thanks for your support on EUR/NZD analysis for February 05, 2014
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