EUR/NZD analysis for October 24, 2014 Market Analysis Review

Overview:

In our last analysis, EUR/NZD has been trading upwards. The price tested the level of 1.6198 in an ultra high volume (buying climax). Price was rejected from the level of 1.5910 (swing high like support), which pushed the price to start upward movement. According to the 4H time frame, we can observe strong demand in the background, which is a sign that we may see bullish continuation phase on this pair and EUR/NZD looks risky for selling. Pirce may go to visit the level of 1.6240 (Fibonacci retracement 61.8%). Be careful when selling EUR/NZD since we may see futher upward movement. Anyway, I have placed Fibonacci retracement to find potential support levels and I got Fibonacci retracement 38.2% at the price of 1.6090 and Fibonacci retracement 61.8% at the price of 1.6015. Watch for potential buying opportunities after retracement.

Daily Fibonacci pivot levels:

Resistance levels:

R1: 1.6202

R2: 1.6263

R3: 1.6361

Support levels:

S1: 1.6007

S2: 1.5946

S3: 1.5849

Trading recommendations: Be careful when selling the EUR/NZD pair since our resistance level got broken.

The material has been provided by InstaForex Company - www.instaforex.com



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