Overview:
Since our previous analysis, the EUR/NZD pair has been trading upwards, as we expected, the price tested the level of 1.6511 on volume above the average. We can observe rejection from our major support zone at the price of 1.6308, which is a good sign for potential bullish continuation phase. The price got stopped on our target level Fibonacci retracement at the price of 1.6515. If the price breaks the level of 1.6515 on higher volume, we may expect testing the level of 1.6600 (submajor Fibonacci expansion 61.8%). Be careful with selling since we may see the end of bearish corrective phase (abcd) and we also got that strong demand entered the market. 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: 1.6476
R2: 1.6523
R3: 1.6599
Support levels:
S1: 1.6323
S2 : 1.6276
S3: 1.6199
Trading recommendation: Be careful with selling the EUR/NZD pair, watch for buying opportunities and try to catch the potential 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 March 03, 2014 . Thanks for your support on EUR/NZD analysis for March 03, 2014
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