Analysis of EUR/NZD for January 09, 2014 Market Analysis Review

Overview:

In our last analysis, EUR/NZD was trading sideways around the price of 1.5080. According to the H1 time frame, we can observe supply in an ultra-high volume (selling climax), which is a sign that selling EUR/NZD around the price of 1.5080 looks risky. Our Fibonacci expansion 100% at the price of 1.5400 got broken so we may see a potential testing of the level of 1.4950 (Fibonacci expansion 161.8%). Be careful when selling at this stage but watch for potential selling opportunities after retracement (after bullish correction). Yesterday we got supply in a volume above the average and very weak reaction from buyers.

Daily Fibonacci pivot levels:

Resistance levels:

R1: 1.5195

R2: 1.5236

R3: 1.5304

Support levels:

S1: 1.5059

S2: 1.5018

S3: 1.4950

Trading recommendations: Be careful when selling the EUR/NZD pair at this stage, since we can observe selling climax according to the 1H time frame.

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



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