Overview:
Since our previous analysis, the EUR/NZD pair has been trading downwards, as we expected, the price tested the level of 1.6367 on average volume. Be careful with selling since we've got buying climax (strong demand) starting from the level of 1.6191. 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. I have placed Fibonacci levels to find potential upper stations. I got Fibonacci Retracement 38.2% at the price of 1.6375 (on the test) and Fibonacci Retracement 61.8% at the price of 1.6485. Anyway, its very risky to sell at this stage, so my advice is to watch for potential bullish movement if we see rejection from our level.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1.6362
R2: 1.6401
R3: 1.6464
Support levels:
S1: 1.6236
S2 : 1.6197
S3: 1.6134
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 07, 2014 . Thanks for your support on EUR/NZD analysis for March 07, 2014
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