EUR/NZD analysis for February 27, 2015 Market Analysis Review

Overview:

In our last analysis EUR/NZD was trading downwards. The price has tested the level of 1.4826 in an average volume. The resistance level at the price of 1.5200 was held successfully and it caused the price to start with downward movement. Our Fibonacci expansion 100% at the price of 1.4865 is on the test so be careful when selling EUR/NZD. Anyway, the major long-term support is around the price of 1.4785. According to the H1 timeframe, we can observe weak supply around the price of 1.4828. My advice is to watch for potential bullish opportunities with better conditions. Any larger reaction from our support levels may confirm a further phase.

Daily Fibonacci pivot levels:

Resistance levels:

R1: 1.5003

R2: 1.5056

R3: 1.5142

Support levels:

S1: 1.4831

S2: 1.4778

S3: 1.4692

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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