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10.09.2014 02:11 PM
EUR/NZD analysis for September 10, 2014

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Overview:

Since our last analysis, EUR/NZD has been trading upwards. The price tested the level of 1.5744 in a volume above average according to the daily chart. I have placed Fibonacci retracement to find potential end of a bullish corrective phase. I got Fibonacci retracement 61.8% around the price of 1.5720-1.5760. It is still unsafe to buy anything, so watch for potential selling opportunities after retracement. According to the 4H time frame, I have placed Fibonacci expansion to find the end of a bullish corrective phase and I got Fibonacci expansion 161.8% at the price of 1.5720 (currently on the test). Support level is the price of 1.5540 (swing low like support).

Daily Fibonacci pivot levels :

Resistance levels:

R1: 1.5714

R2: 1.5750

R3: 1.5806

Support levels:

S1: 1.5600

S2: 1.5565

S3: 1.5508

Trading recommendations: Be careful when buying the EUR/NZD pair and watch for selling opportunities after retracement.

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