EUR/NZD analysis for February 17, 2015 Market Analysis Review

Overview:

In our last analysis EUR/NZD was trading downwards. The price has tested the level of 1.5072 in an average volume. Our Fibonacci expansion 61.8% at the price of 1.5090 is on the test, so be very careful when selling EUR/NZD. We have a resistance around the price of 1.5200 (swing low like resistance). If the price breaks the level of 1.5200 in a high volume, we may see a possible testing of the level of 1.5350 (major Fibonacci retracement 38.2%). My advice is to watch for potential buying opportunities on the lows (buy on the dips).

Daily Fibonacci pivot levels:

Resistance levels:

R1: 1.5218

R2: 1.5253

R3: 1.5308

Support levels:

S1: 1.5108

S2: 1.5073

S3: 1.5018

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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