EUR/NZD analysis for February 05, 2015 Market Analysis Review

Overview:

In our last analysis EUR/NZD was trading downwards. As we expected, the price has tested the level of 1.5376 in a high volume. Our Fibonacci retracement 61.8% around the price of 1.5800 was held successfully, and it made price start with bearish movement. Be careful when buying EUR/NZD at this stage since we may see more bearish movement before any larger bullish reaction. Our Fibonacci retracement 38.2% at the price of 1.5421 is on the test. Anyway, if the price breaks the level of 1.5420 in a high volume, we may see a possible testing of the level of 1.5180 (Fibonacci retracement 61.8%).

Daily Fibonacci pivot levels:

Resistance levels:

R1: 1.5623

R2: 1.5702

R3: 1.5829

Support levels:

S1: 1.5368

S2: 1.5289

S3: 1.5161

Trading recommendations: Be careful when buying at this stage, but watch for potential buying opportunities after retracement (buy on the dips)

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



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