Overview
Since our previous analysis, the EUR/NZD pair has been trading downwards, as we expected, the price tested the level of 1.5880 on volume below the average according to the daily chart. As we already wrote in the previous analysis, EUR/NZD is in short- and mid-term bearish trend, so watch for selling opportunities after retracement. According to the 1H timeframe chart, we can observe supply on volume above the averege, which is a sign that we may see more downward moves. Since the price has broken our support level of 1.5960, we may see testing the level of 1.5830-1.5765 (previous swing lows). Watch for selling opportunities after retracement.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1.6029
R2: 1.6046
R3: 1.6074
Support levels:
S1: 1.5974
S2 : 1.5957
S3: 1.5930
Trading recommendation: Be careful with buying the EUR/NZD and watch for selling opportunities after retracement.
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 May 06, 2014 . Thanks for your support on EUR/NZD analysis for May 06, 2014
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