Overview:
Since our previous analysis, the EUR/NZD pair has been trading downwards, the price tested the level of 1.6455. Our previous analysis is still active. We can observe selling climax at the price of 1.6470. Our upper stations still valid, so major upper station is a level around the price of 1.6790 (FE 100%). We also got submajor upper stations at the price of 1.6620 and 1.6665 (previous swing highs). I placed Fibonacci levels to find potential end of bearish corrective phase(potential d point). I got FE 100% at the price of 1.6445 (almost tested) , FR 38,2% at the price of 1.6510 and FE 61.8% at the price of 1.6415. Be careful with selling since we may see end of bearish corrective phase (abcd) and we also got selling climax on the low. 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: 1.6587
R2: 1.6624
R3: 1.6684
Support levels:
S1: 1.6466
S2 : 1.6429
S3: 1.6368
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 25, 2014 . Thanks for your support on EUR/NZD analysis for February 25, 2014
No comments:
Post a Comment