Overview:
Since our previous analysis, the EUR/NZD pair has been trading downwards, the price tested the level of 1.6294 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. I have also placed Fibonacci retracement levels to find potential end of bearish correction and I got Fibonacci Retracement 61.8% at the price of 1.6285. 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: 1.6422
R2: 1.6440
R3: 1.6469
Support levels:
S1: 1.6364
S2 : 1.6346
S3: 1.6317
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 11, 2014 . Thanks for your support on EUR/NZD analysis for March 11, 2014
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