EUR/NZD analysis for January 12, 2014 Market Analysis Review

Overview:

In our last analysis EUR/NZD was trading upwards. As we expected, the price tested the level of 1.5210 in an ultra high volume (buying climax). According to the H1 time frame, we can observe demand in an ultra high volume (buying climax) which is a sign that selling EUR/NZD looks risky. I have placed Fibonacci retracement to find potential resistance levels and got Fibonacci retracement 38.2% at the price of 1.5290 and Fibonacci retracement 61.8% at the price of 1.5435. Be careful when selling and watch for potential buying opportunities on the lows.

Daily Fibonacci pivot levels:

Resistance levels:

R1: 1.5130

R2: 1.5152

R3: 1.5188

Support levels:

S1: 1.5058

S3: 1.5000

Trading recommendations: Be careful when selling the EUR/NZD pair at this stage since we have a strong demand in the background.

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



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