Overview:
Since our previous analysis, the EUR/NZD pair has been trading sideways, around the price of 1.5620, we are still waiting for larger movement and larger volume. 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 4H timeframe, we can observe bullish reaction on the selling climax. Anyway, reaction was not so strong, so buying still looks very risky. Watch for potential selling opportunities. If the price start with larger bullish movement, we got major resistance level around the price of 1.5750 (swing low like resistance).
Daily pivot Fibonacci points:
Resistance levels:
R1: 1.5635
R2: 1.5657
R3: 1.5692
Support levels:
S1: 1.5565
S2: 1.5543
S3: 1.5508
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 20, 2014 . Thanks for your support on EUR/NZD analysis for June 20, 2014
No comments:
Post a Comment