EUR/NZD analysis for January 21, 2014 Market Analysis Review

Overview:

In our last analysis EUR/NZD was trading sideways around the price of 1.5110. Our Fibonacci retracement 61.8% at the price of 1.5120 is on the test so be careful when buying EUR/NZD at this stage. According to the daily time frame, we can observe demand in an average volume. We got supply level at the price of 1.5170 and this level has been held successfully. My advice is to watch for potential selling opportunites after retracement. Any larger supply in a high volume may confirm further bearish phase. Anyway, if the price breaks the level of 1.5173, we may see possible testing of the level of 1.5280 (second supply zone).

Daily Fibonacci pivot levels:

Resistance levels:

R1: 1.5150

R2: 1.5212

R3: 1.5311

Support levels:

S1: 1.4952

S2: 1.4890

S3: 1.4791

Trading recommendations: Be careful when buying the EUR/NZD pair at this stage since the price is testing Fibonacci retracement 61.8%.

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



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