Overview
Since our previous analysis, the EUR/NZD pair has been trading upwards, the price tested the level of 1.6082 on volume above the average according to the H4 timeframe. 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. We can observe rejection from our Fibonacci retracement 61.8% at 1.5920 and that causes price to start with uprwad movement. I placed corrective Fibonacci retracement to find potential end of the bullish phase and I got Fibonacci retracement 61.8% at the price of 1.6122. Watch for selling opportunities after retracement.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1.5975
R2: 1.6004
R3: 1.6049
Support levels:
S1: 1.5885
S2 : 1.5856
S3: 1.5811
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 07, 2014 . Thanks for your support on EUR/NZD analysis for May 07, 2014
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