Overview:
Since our previous analysis, the EUR/NZD pair has been trading upwards. The price tested the level of 1.5623. We can observe low activity on the market today, so we are waiting for larger movement and volume. I have placed Fibonacci retracement to find potential resisntace level and I got Fibonacci retracement 61.8% at the price of 1.5615 (currently on the test). Be careful when buying and watch for potential selling opportunities. The third major short-term downstation is still at the price of 1.5335 (Fibonacci expansion 161.8%). According to the 4H timeframe, we can observe supply (up-thrust bar) in a volume above average.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1.5608
R2: 1.5630
R3: 1.5665
Support levels:
S1: 1.5337
S2: 1.5515
S3: 1.5479
Trading recommendations: 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 18, 2014 . Thanks for your support on EUR/NZD analysis for July 18, 2014
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