EUR/NZD : analysis for October 14, 2015 Market Analysis Review

Overview:

Recently, EUR/NZD has been moving downwards. As we had expected, the price tested the level of 1.6895 in a high volume in the daily time frame, we can observe a supply bar in a volume below the average. I found the 6-day support level at 1.6845 (Fibonacci retracement 38.2%). Selling opportunities are preferable. On the H1 chart, we can observe supply in a high volume. Selling opportunities are preferable only if the price breaks our strong support in a high volume. Otherwise, we may see an upward movement. I had placed Fibonacci retracement to find potential mid-term support levels and got Fibonacci retracement 38.2% at the level of 1.6860 (on the test), Fibonacci retracement 50% at 1.6280, and Fibonacci retracement 61.8% at 1.5740.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.7185

R2: 1.7255

R3: 1.7365

Support levels:

S1: 1.6965

S2: 1.6895

S3: 1.6785

Trading recommendations: Be careful when buying and watch for potential selling opportunities if the price breaks the level of 1.6845 in a high volume.

The material has been provided by InstaForex Company - www.instaforex.com

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