Overview:
Since our previous analysis, the EUR/NZD pair has been trading downwards. As we expected, the price tested the level of 1.5433 in a volume above average, according to the 4H timeframe. According to the previous price movement, we can observe strong supply on ultra high volume, according to the 1H timeframe, which is a sign that buying looks risky. I have placed Fibonacci expansion levels to find second down station and I got second down station around the price of 1.5420 (Fibonacci expansion 100%). Be careful with buying and watch for potential selling opportunities. Third down station (short-term) is still at the price of 1.5335 (Fibonacci expansion 161.8%).
Daily pivot Fibonacci points:
Resistance levels:
R1: 1.5570
R2: 1.5587
R3: 1.5615
Support levels:
S1: 1.5513
S2: 1.5496
S3: 1.5467
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 July 08, 2014 . Thanks for your support on EUR/NZD analysis for July 08, 2014
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