Overview:
Since our previous analysis, the EUR/NZD pair has been trading sideways, around the price of 1.6400. Our previous analysis is still active. We can observe selling climax at the price of 1.6400 and weak supply after that huge reaction. Be careful with selling this pair since we have got strong demand in the background and few selling climatic actions. In case that the price breaks the level of 1.6523, we may expect testing of our FR 61.8% at the price of 1.6624. 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 the price breaks the level of 1.6360 on higher volume, we may see testing the level of 1.6310 (major Fibonacci expansion 61.8%) before any bullish movement.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1.6521
R2: 1.6544
R3: 1.6581
Support levels:
S1: 1.6447
S2 : 1.6424
S3: 1.6387
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 11, 2014 . Thanks for your support on EUR/NZD analysis for February 11, 2014
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