EUR/NZD analysis for February 12, 2015 Market Analysis Review

Overview:

In our last analysis EUR/NZD was trading upwards. The price has tested the level of 1.5478. Our Fibonacci retracement 38.2% at the price of 1.5445 was held successfully, which is a sign that buying EUR/NZD at this stage looks risky. Anyway, if the price breaks the level of 1.5445, we may see a possible testing of the level of 1.5590. We got resistance level at the price of 1.5340. According to the 4H time frame, we can observe weak supply around the price of 1.5340.

Daily Fibonacci pivot levels:

Resistance levels:

R1: 1.5406

R2: 1.5541

R3: 1.5523

Support levels:

S1: 1.5263

S2: 1.5219

S3: 1.5147

Trading recommendations: Be careful when selling at this stage and 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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