Overview:
Since our previous analysis, the EUR/NZD pair has been trading downwards, the price tested the level of 1.5562 on volume below the average according to the 4H timeframe. According to the Daily timeframe, we can observe weak demand and no demand bar, so buying at this stage looks risky. Since our Fibonacci expansion 100% at the price of 1.5665 has got broken, we may see possible testing the level of 1.5335. According to the previous price action, we have got a resistance level at the price of 1.5745 (previous swing low like resistance). Anyway, if the price breaks the level of 1.5560 on higher volume, we may see more downward movement. Watch for selling opportunities after retracement.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1.5666
R2: 1.5691
R3: 1.5730
Support levels:
S1: 1.5588
S2: 1.5563
S3: 1.5524
Trading recommendation: Be careful with buying the EUR/NZD pair 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 16, 2014 . Thanks for your support on EUR/NZD analysis for June 16, 2014
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