EUR/NZD : analysis for February 02, 2014 Market Analysis Review

Overview:

In our last analysis EUR/NZD was trading sideways around the price of 1.5575. We are facing low volatilty today on the market. 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%). According 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). According to the previous price action, I have found support level at the price of 1.5440 (swing high like support). According to the daily time frame, we can observe indecision bar in a volume below the average.

Daily Fibonacci pivot levels:

Resistance levels:

R1: 1.5643

R2: 1.5684

R3: 1.5750

Support levels:

S1: 1.5511

S2: 1.5470

S3: 1.5404

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

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