EUR/NZD analysis for February 16, 2015 Market Analysis Review

Overview:

In our last analysis EUR/NZD was trading downwards. The price has tested the level of 1.5147 in a volume below the average. Our Fibonacci retracement 61.8% at the price of 1.5180 is on the test so be very careful when selling EUR/NZD. Anyway, if the price breaks the level of 1.5445, we may see a possible testing of the level of 1.5590. We have the resistance level at the price of 1.5340. According to the 4H time frame, we can observe weak supply around the price of 1.5180.

Daily Fibonacci pivot levels:

Resistance levels:

R1: 1.5358

R2: 1.5389

R3: 1.5441

Support levels:

S1: 1.5255

S2: 1.5224

S3: 1.5173

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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