Overview:
In our last analysis, EUR/NZD has been trading downwards. As we expected, the price tested and rejected from the level of 1.6268 in a high volume. Our Fibonacci expansion 100% at the price of 1.6250 held successfully, which is a sign that buying looks risky. According to the daily time frame, we can observe absorption strong up-thrust bar in a volume above the average, which is a sign that buying EUR/NZD looks risky. According to the 1H timeframe, we can observe potential end of bullish corrective phase (abcd), so be careful when buying EUR/NZD and watch for potetnial selling opportunities.
Daily Fibonacci pivot levels:
Resistance levels:
R1: 1.6222
R2: 1.6272
R3: 1.6352
Support levels:
S1: 1.6061
S2: 1.6011
S3: 1.5930
Trading recommendations: Be careful when buyingEUR/NZD pair since we got successful rejection from our Fibonacci expansion 100%
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on daily market trends and news you may visit via EUR/NZD analysis for November 07, 2014 . Thanks for your support.
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