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28.04.2014 03:56 PM
EUR/NZD analysis for April 28, 2014

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Overview:

Since our previous analysis, the EUR/NZD pair has been trading upwards, the price tested the level of 1.6241 on volume above the average. We can observe that our Fibonacci expansion level 100% at the price of 1.6244 got tested, so buying at this stage looks risky. There is an also previous swing low zone (1.6240), which is another good resistance zone. As we already wrote in the previous analysis, EUR/NZD is in short- and mid-term bearish trend, so watch for selling opportunities after retracement. Any larger supply on a higher volume may confirm further bearish movement.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1.6158

R2: 1.6175

R3: 1.6201

Support levels:

S1: 1.6105

S2 : 1.6088

S3: 1.6061

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

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