Overview:
Since our previous analysis, the EUR/NZD pair has been trading upwards, as we expected, the price tested the level of 1.6617 on average volume. We can observe strong demand on the market on the very high volume in the background so selling looks risky . The EUR/NZD tested our first major upper station FE 61.8 % at the price of 1.6600 and after that we saw smaller rejection. Our first major target has been reached and now we must wait and see for the potential break the level of 1.6600 which may confirm futher upwards. Next major upper station is a level around the price of 1.6790 (FE 100%). Since EUR/NZD is now is smaller bearish correction phase i placed Fibonacci retracement to find potential end of bearish corrective phase. I got FR 38.2% at the price of 1.6476 (currently on the test) and FR 61.8% at the price of 1.6390. 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: 1.6582
R2: 1.6637
R3: 1.6725
Support levels:
S1: 1.6406
S2 : 1.6351
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 19, 2014 . Thanks for your support on EUR/NZD analysis for February 19, 2014
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