Overview:
Since our previous analysis, the EUR/NZD pair has been trading upwards, as we expected, the price tested the level of 1.6424 on high volume. We can observe buying climax (strong demand) like reaction on selling climax in the background. 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. I plcaced Fibonacci retracement to find potential upper stations and i got FE 38.2% at the price of 1.6435 1.6450 and FR 61.8% at the price of 1.6575. 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: 1.6400
R2: 1.6440
R3: 1.6504
Support levels:
S1: 1.6273
S2 : 1.6233
S3: 1.6170
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 13, 2014 . Thanks for your support on EUR/NZD analysis for February 13, 2014
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