Overview:
Since our previous analysis, the EUR/NZD pair has been trading sideways, around the price of 1.6090 on high volume according to the 4H timeframe. We are still waiting larger movement on this pair. As you see in the chart, 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. There is also a selling bar on high volume, which is а good sign for further bearish movement, accorindg to the 1H timeframe. If the price breaks the level of 1.6090 (previous swing high), we may see testing the level of 1.6170 Anyway, be careful with buying EUR/NZD since the price is near the resistance.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1.6079
R2: 1.6105
R3: 1.6147
Support levels:
S1: 1.5995
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 June 02, 2014 . Thanks for your support on EUR/NZD analysis for June 02, 2014
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