Analysis of EUR/NZD for January 07, 2014 Market Analysis Review

Overview:

In our last analysis, EUR/NZD was trading downwards. As we expected, the price tested the level of 1.5265 in a high volume. According to the H4 time frame, we can can observe supply in a volume above the average, which is a sign that buying EUR/NZD looks risky. Our Fibonacci expansion 100% at the price of 1.5400 got broken so we may see potential testing of the level of 1.4950 (Fibonacci expansion 161.8%). Be careful when buying and watch for potential selling opportunities after retracement.

Daily Fibonacci pivot levels:

Resistance levels:

R1: 1.5472

R2: 1.5530

R3: 1.5623

Support levels:

S1: 1.5285

S2: 1.5227

S3: 1.5133

Trading recommendations: Be careful when buying the EUR/NZD pair at this stage, since we can observe strong supply in the background.

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 Analysis of EUR/NZD for January 07, 2014 . Thanks for your support.