EUR/NZD analysis for March 12, 2015 Market Analysis Review

Overview:

In our last analysis EUR/NZD was trading downwards. As we expected, the price has tested the level of 1.4286 in a high volume. We can observe a successful rejection from our resistance level around the price of 1.4800. The short- and mid-term trends are bearish and my advice is to watch for potential selling opportunities after corrections. I found a range zone according to 30-minute time frame around the price of 1.4390-1.4300. According to the long-term time frames, we may see a possible testing of Fibonacci expansion 161.8% at the price of 1.3550.

Daily Fibonacci pivot levels:

Resistance levels:

R1: 1.4673

R2: 1.4749

R3: 1.4870

Support levels:

S1: 1.4431

S2: 1.4355

S3: 1.4234

Trading recommendations: Be careful when buying at this stage and watch for potential selling opportunities after a retracement (after bullish correction).

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 12, 2015 . Thanks for your support.