Overview:
Since our previous analysis, the EUR/NZD pair has been trading downwards, the price tested the level of 1.6275 on ultra high volume (selling climax). We can observe selling climax at the price of 1.6275 which is sign that selling at this stage looks risky. The area of 1.6300-1.6280 is major support since we've got major Fibonacci expansion 61.8% (1.6300) and sub major FE 61.8% at the price of 1.6285. Selling around these areas looks very risky. If the price breaks the level of 1.6280 on higher volume, we may see possible testing the level of 1.6240-1.6220 before possible bullish continuation phase. EUR/NZD is in short- and mid-term bullish trend, so watch for buying opportunities on the dips and try to catch the bullish continuation phase.
Daily pivot Fibonacci points:
Resistance levels:
R1:1.6479
R2: 1.6515
R3: 1.6575
Support levels:
S1: 1.6359
S2 : 1.6323
S3: 1.6263
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 12, 2014 . Thanks for your support on EUR/NZD analysis for February 12, 2014
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