Overview:
Since our previous analysis, the EUR/NZD pair has been trading downwards, the price tested the level of 1.6376 on volume above the average. We can observe that the price rejected from our Fibonacci Retracement 61.8% (1.6515). We are now in progress of bearish correction and I plcaed Fibonacci retracement to find a potential end of the bearish corrective phase. I got Fibonacci Retracement 61.8% at the price of 16365. Be careful with selling since we may see the end of bearish corrective phase (abcd). 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. The first upper station is the area around the price of 1.6515 (FR 61.8%).
Daily pivot Fibonacci points:
Resistance levels:
R1: 1.6485
R2: 1.6511
R3: 1.6552
Support levels:
S1: 1.6402
S2 : 1.6376
S3: 1.6334
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 04, 2014 . Thanks for your support on EUR/NZD analysis for March 04, 2014
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