Overview:
Since our previous analysis, the EUR/NZD pair has been trading upwards, the price tested the level of 1.6094 on high volume according to the 4H timeframe. As you see in the graph, our Fibonacci retracement 61.8% at the price of 1.6075 took place successfully, and we saw rejection from that point just like we expected. Accorindg to the 1H timeframe, I have placed Fibonacci retracement from the most recent downward leg. I got Fibonacci retracement 61.8% at the price of 1.6045 (on the test). I also placed Fibonacci expansion levels to find potential down stations. Besides, I got Fibonacci expansion 61.8% at the price of 1.5975. Anyway, be careful with buying EUR/NZD since the price is near the resistance.
Daily pivot Fibonacci points:
Resistance levels:
R2: 1.6106
R3: 1.6148
Support levels:
S1: 1.5996
S2: 1.5970
S3: 1.5928
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 30, 2014 . Thanks for your support on EUR/NZD analysis for May 30, 2014
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