Overview:
Since our previous analysis,the EUR/NZD pair has been trading downwards, the price tested the level of 1.6458. 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 upperstations at the price of 1.6620 and 1.6665 (previous swing highs). Potential levels fot the end of bearish corrective phase are 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. We can also observe small cluster (blue shape) around the level of 1.6460. Be careful with selling since we may see the 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: 1.6526
R2: 1.6542
R3: 1.6570
Support levels:
S1: 1.6470
S2 : 1.6454
S3: 1.6426
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 26, 2014 . Thanks for your support on EUR/NZD analysis for February 26, 2014
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