EUR/NZD analysis for October 06, 2014 Market Analysis Review

Overview

In our last analysis, EUR/NZD has been trading upwards. The price tested the level of 1.6161 in an volume below the average. We can observe that price found support at the level of 1.6000 but if it breaks the level of 1.6000 in a high volume, we may see a potetntial testing of the level of 1.5900 (swing high like support). Be careful when buying and watch for potential selling opportunities after retracement. According to the 1H time frame, we can observe weak demand and potential end of bullish corrective phase (abcd).

Daily Fibonacci pivot levels :

Resistance levels:

R1: 1.6144

R2: 1.6179

R3: 1.6235

Support levels:

S1: 1.6032

S2: 1.5997

S3: 1.5941

Trading recommendations: Be careful when buying the EUR/NZD pair since we may see short-term bearish continuation

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