Overview:
Since our previous analysis, the EUR/NZD pair has been trading downwards, the price rejected from our Fibonacci retracement 61.8% at the price of 1.6478 on very high volume and tested the level of 1.6223 on high volume (selling climax). Our previous analysis is still valid. Be careful with selling since we've got selling climax on the background and we are near the previous lows. The 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. Anyway, if the price breaks the level of 1.6190 on high volume, we may see testing the level of 1.6145 before any larger upward movement.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1.6429
R2: 1.6469
R3: 1.6534
Support levels:
S1: 1.6300
S2 : 1.6260
S3: 1.6196
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 13, 2014 . Thanks for your support on EUR/NZD analysis for March 13, 2014
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