Overview:
Since our previous analysis, the EUR/NZD pair has been trading upwards, as we expected, the price tested the level of 1.6435 on average volume. Our previous analysis is still active and in progress. Be careful with selling since we've got buying climax in the background 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 (already met) 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 movements on the dips.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1.6411
R2: 1.6438
R3: 1.6482
Support levels:
S1: 1.6323
S2 : 1.6296
S3: 1.6252
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 10, 2014 . Thanks for your support on EUR/NZD analysis for March 10, 2014
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