EUR/NZD analysis for February 23, 2015 Market Analysis Review

Overview:

In our last analysis EUR/NZD was trading upwards. As we expected, the price has tested the level of 1.5148 in a high volume. I have placed Fibonacci retracement to find potential support levels and have got Fibonacci retracement 61.8% at the price of 1.5020 (currently on the test). The resistance level at the price of 1.5150 has been held successfully, thus causing the price to start with downward movement. Anyway, if the price breaks the level of 1.4945, we may see more downward movement. My advice is to watch for potential buying opportunities.

Daily Fibonacci pivot levels:

Resistance levels:

R1: 1.5150

R2: 1.5199

R3: 1.5278

Support levels:

S1: 1.4992

S2: 1.4943

S3: 1.4864

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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