Overview:
Since our previous analysis, the EUR/NZD pair has been trading downwards. As we expected, the price tested the level of 1.5519 in a volume just above average according to the daily chart. We can observe rejection from our Fibonacci retracement 61.8% at the price of 1.5615. 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%). I have placed Fibonacci expansion to find potential support levels and I got Fibonacci expansion 61.8% at the price of 1.5460.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1.5611
R2: 1.5628
R3: 1.5657
Support levels:
S1: 1.5554
S2: 1.5537
S3: 1.5509
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 21, 2014 . Thanks for your support on EUR/NZD analysis for July 21, 2014
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