EUR/NZD analysis for January 22, 2014 Market Analysis Review

Overview:

In our last analysis EUR/NZD was trading upwards. The price tested the level of 1.5432 in a high volume. According to the daily time frame, we can observe demand in a volume above the average. I have placed Fibonacci retracement to find potential resistance levels and got Fibonacci retracement 38.2% at the price of 1.5416 (currently on the test) and Fibonacci retracement 61.8% at the price of 1.5800. Be careful when buying EUR/NZD at this stage since we may expect reaction from sellers. Anyway, if the price breaks the level of 1.5416 in a high volume and strong price action, we may see further bullish movement.

Daily Fibonacci pivot levels:

Resistance levels:

R1: 1.5389

R2: 1.5462

R3: 1.5581

Support levels:

S1: 1.5152

S2: 1.5079

S3: 1.4961

Trading recommendations: Be careful when buying the EUR/NZD pair at this stage since the price is testing Fibonacci retracement 38.2%

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



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