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10.01.2014 01:45 PM
EUR/NZD: analysis for January 10, 2014

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Overview:

Since our last analysis, the EUR/NZD pair has been trading upward movement, as like we expected, price tested level of 1.6526 on average volume .As you can see on the 1H chart, price has been break our FE 38.2 % at 1.6500, so we may expect testing of next Fibonacci 61.8 % around the price of 1.6570.We can also observe selling climax at 1.6395 which got absorbed . Since our FE 161.8 % is held successfully, selling EUR/NZD looks very risky.Selling looks risky so watch for buying opportunities.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1.6504

R2: 1.6530

R3: 1.6571

Support levels:

S1: 1.6421

S2: 1.6395

S3: 1.6353

Trading recommendation: Be careful with selling the EUR/NZD pair and watch for buying opportunities.

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