Overview:
Since our previous analysis, the EUR/NZD pair has been trading upwards, the price tested the level of 1.6227 on average volume. Our previous analysis is still active. According to the daily chart we can observe weak supply on high volume, which is a sign that we may see further bullish movements. 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 phase. I have placed Fibonacci levels to find upper stations and i got Fibonacci Retracement 38.2% at the price of 1.6234 and Fibonacci Retracement 61.8% at the price of 1.6325. To confrim potential bullish phase, we need to see strong demand on high volume on the market. Anyway, if the price breaks the level of 1.6085 on high volume, we may see testing of the level 1.6020 (Fibonacci expansion 100%) before any larger upward movement.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1.6192
R2: 1.6214
R3: 1.6251
Support levels:
S1: 1.6119
S2 : 1.6097
S3: 1.6061
Trading recommendation: Be careful with selling the EUR/NZD pair since we got selling climax and weak supply according, to the daily chart.
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 20, 2014 . Thanks for your support on EUR/NZD analysis for March 20, 2014
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