Overview:
Since our last analysis, EUR/NZD has been trading sideways. I have placed Fibonacci expansion to find potential end of a bullish corrective phase and I got Fibonacci expansion 161.8% at the price of 1.5815 (currently on the test). I have placed Fibonacci retracement from the most recent downward leg and I got Fibonacci retracement 61.8% at the price of 1.5815. Watch for potential selling opportunities. According to the previous price action, we got support at the price of 1.5625 (swing high like resistance). We are still waiting for larger movement and larger activity on this pair. Be careful when buying this pair and watch for potential selling opportunities.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1.5811
R2: 1.5834
R3: 1.5873
Support levels:
S1: 1.5734
S2: 1.5711
S3: 1.5673
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 August 08, 2014 . Thanks for your support on EUR/NZD analysis for August 08, 2014
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