Overview:
Since our previous analysis, the EUR/NZD pair has been trading upwards, the price tested the level of 1.6111 on volume above the average according to the daily 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 got our Fibonacci retracement 61.8% at the price of 1.6122, so we will watch price action around that level. If the price rejects from the level of 1.6122 on high volume, that will be a good sign for the further bearish movement. Anyway, if the price breaks the level of 1.6122 on high volume, we may see testing the level of 1.6240 (previous swing high).
Daily pivot Fibonacci points:
Resistance levels:
R1: 1.6085
R2: 1.6123
R3: 1.6185
Support levels:
S1: 1.5962
S2 : 1.5924
S3: 1.5863
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 08, 2014 . Thanks for your support on EUR/NZD analysis for May 08, 2014
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