Overview:
In our last analysis EUR/NZD was trading downwards. The price has tested the level of 1.4644 (fresh low) in a very high volume. The major support level at the price of 1.4790 is broken, but we still need to see a daily-weekly close to confirm valid break. Anyway, I have placed Fibonacci expansion to find next support level and have got Fibonacci expansion 161.8% at the price of 1.4500. Selling EUR/NZD at this stage still looks very risky since we may expect reaction from buyers. Any larger reaction from our support levels may confirm a further bullish phase.
Daily Fibonacci pivot levels:
Resistance levels:
R1: 1.4873
R2: 1.4902
R3: 1.4949
Support levels:
S1: 1.4779
S2: 1.4750
S3: 1.4703
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
For detail explanation and best discovery on daily market trends and news you may visit via EUR/NZD analysis for March 04, 2015 . Thanks for your support.
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