Overview:
Since our previous analysis, the EUR/NZD pair has been trading downwards, the price tested the level of 1.6289 on volume above the average. Since the price has broken our Fibonacci retracement 61.8% (), next possible end of the corrective phase may be around the Fibonacci expansion 61.8 % at the price of 1.6270. 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. Anyway, if the price breaks the level of 1.6250 on high volume, we may see further downwards movement before the major bullish continuation phase.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1.6423
R2: 1.6443
R3: 1.6475
Support levels:
S1: 1.6360
S2 : 1.6340
S3: 1.6309
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 05, 2014 . Thanks for your support on EUR/NZD analysis for March 05, 2014
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