Overview:
Since our previous analysis, the EUR/NZD pair has been trading sideways. We are facing a quiet day and flat EUR/NZD around the price of 1.5460. According to the previous price movement, we can observe strong supply in an ultra high volume, according to the 1H timeframe, which is a sign that buying looks risky. I have placed Fibonacci expansion levels to find the second down station. I got the second down station around the level of 1.5420 (Fibonacci expansion 100%). Be careful when buying and watch for potential selling opportunities. The third major down station (short-term) is still at the price of 1.5335 (Fibonacci expansion 161.8%). According to the 4H timeframe, the price is working in a range between 1.5495-1.5435.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1.5488
R2: 1.5501
R3: 1.5521
Support levels:
S1: 1.5448
S2: 1.5435
S3: 1.5415
Trading recommendation: Be careful when 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 10, 2014 . Thanks for your support on EUR/NZD analysis for July 10, 2014
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