Overview:
Since our previous analysis, the EUR/NZD pair has been trading upwards, the price tested the level of 1.6046 on ultra high volume (buying climax) according to the 4H timeframe . According to the 4H timeframe, I have placed Fibonacci retracement levels to find potential end of bullish movement and I got major Fibonacci retracement 61.8% at the price of 1.6075. We can observe broken resistance level at the price of 1.6015 but on ultra high volume, which may be a panic movement so buying at this stage looks very risky. A support level at the price of 1.5910 held successfully and that caused price to start upward movement. Anyway, be careful with buying EUR/NZD since price is near the resistance.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1.5961
R2: 1.5975
R3: 1.5997
Support levels:
S1: 1.5917
S2: 1.5903
S3: 1.5881
Trading recommendation: Be careful with buying the EUR/NZD and watch for selling opportunities after retracement.
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on market trends you may visit via EUR/NZD analysis for May 28, 2014 . Thanks for your support on EUR/NZD analysis for May 28, 2014
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