EUR/NZD analysis for January 29, 2014 Market Analysis Review

Overview:

In our last analysis EUR/NZD was trading upwards. The price tested the level of 1.5577 in a volume below the average. Our Fibonacci retracement 38.2% at the price of 1.5415 got broken so we may expect testing of the level of 1.5800 (Fibonacci retracement 61.8%). Accordiung to the monthly time frame, we can observe successful rejection from our support level at the price of 1.5000. Selling EUR/NZD at this stage looks risky so my advice is to watch for potential buying opportunities after retracement (buy on the dips).

Daily Fibonacci pivot levels:

Resistance levels:

R1: 1.5434

R2: 1.5503

R3: 1.5613

Support levels:

S1: 1.5213

S2: 1.5144

S3: 1.5033

Trading recommendations: Be careful when selling since we have successful rejection from monthly support level in the background.

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



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