EUR/NZD analysis for March 16, 2015 Market Analysis Review

Overview:

In our last analysis EUR/NZD was trading downwards. As we expected, the price has tested the level of 1.4253 in a high volume. We can observe a successful rejection from our resistance level around the price of 1.4333 (Fibonacci retracement 38.2%). The short- and mid-term trends are bearish and my advice is to watch for potential selling opportunities after corrections. According to the long-term time frames, we may see a possible testing of Fibonacci expansion 161.8% at the price of 1.3550. If the price breaks the level of 1.4290, we may see a possible testing of the level of 1.4175 (Fibonacci expansion 61.8%).

Daily Fibonacci pivot levels:

Resistance levels:

R1: 1.4416

R2: 1.4459

R3: 1.4528

Support levels:

S1: 1.4278

S2: 1.4235

S3: 1.4166

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



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