EUR/NZD analysis for June 25, 2014 Trend News

Overview:

Since our previous analysis, the EUR/NZD pair has been trading upwards, the price tested the level of 1.5688 on volume below the average according to the daily chart. 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 previous price action, we have got resistance level around the price of 1.5745 (swing low like resistance). According to the 4H timeframe, we can observe supply on volume above the average, which is a sign that we may see further bearish movement. Anyway, if the price breaks the level of 1.5535, we may see possible testing of the level of 1.5335. Buying looks risky so watch for potential selling opportunities after retracement.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1.5696

R2: 1.5722

R3: 1.5764

Support levels:

S1: 1.5612

S2: 1.5586

S3: 1.5544

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



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