EUR/NZD analysis for January 15, 2014 Market Analysis Review

Overview:

In our last analysis EUR/NZD was trading downwards. As we expected, the price has tested the level of 1.4859 in an ultra high volume. According to the daily time frame, we can observe strong supply in an ultra high volume (selling climax), so selling EUR/NZD at this stage looks very risky.The price rejected from our Fibonacci retracement 38.2% (1,5290) and caused market to continue with downward movement . Our Fibonacci expansion 161.8% at the price of 1.4900 is on the test. Be careful when selling since we may expect reaction from buyers. Anyway, if the price breaks the level of 1.4900, we may see a potential testing of the level of 1.4450.

Daily Fibonacci pivot levels:

Resistance levels:

R1: 1.5317

R2: 1.5354

R3: 1.5414

Support levels:

S1: 1.5198

S2: 1.5161

S3: 1.5102

Trading recommendations: Be careful when selling the EUR/NZD pair at this stage since the price is testing Fibonacci expansion 161.8%.

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



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