Overview:
Since our last analysis, EUR/NZD has been trading upwards. The price tested the level of 1.5748 in a volume above average. It is still unsafe to buy anything, so watch for potential selling opportunities after retracement. I have placed Fibonacci retracement to find potential resistance levels and I got Fibonacci retracement 38.2% at the price of 1.5740 and Fibonacci retracement 61.8% at the price of 1.5800. According to the 4H time frame, we are in a bullish corrective phase.
Daily Fibonacci pivot levels :
Resistance levels:
R1: 1.5711
R2: 1.5728
R3: 1.5756
Support levels:
S1: 1.5656
S2: 1.5639
S3: 1.5612
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 September 02, 2014 . Thanks for your support on EUR/NZD analysis for September 02, 2014
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