Overview:
Since our previous analysis, the EUR/NZD pair has been trading upwards, as we expected, the price tested the level of 1.6432 on high volume. Our previous analysis is still active and in progress. Be careful with selling since we've got strong demand 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. Our Fibonacci Retracement 61.8% at the price of 1.6285 held successfully and then we saw a strong reaction from the buyers. First upper station is submajor Fibonacci Retracement 61.8% at the price of 1.6485.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1.6387
R2: 1.6409
R3: 1.6445
Support levels:
S1: 1.6315
S2 : 1.6293
S3: 1.6257
Trading recommendation: Be careful with selling the EUR/NZD pair, watch for buying opportunities on the dips 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 12, 2014 . Thanks for your support on EUR/NZD analysis for March 12, 2014
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