empty
 
 
12.05.2014 03:24 PM
EUR/NZD analysis for May 12, 2014

This image is no longer relevant

This image is no longer relevant

Overview:

Since our previous analysis, the EUR/NZD pair has been trading downwards, as we expected, the price tested the level of 1.5932 on average volume, according to the daily chart. We can observe low volume on the market so we are waiting for larger movement . Our Fibonacci retracement 61.8% at the price of 1.6122 held successfully and that caused price to go down. We saw strong rejection from our Fibonacci level and buying at this stage looks very risky. First support level is at 1.5865 (previous swing low). According to the 4H timeframe, we can observe weak demand on the volume below the average. Be careful with buying and watch for selling opportunities.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1.6033

R2: 1.6060

R3: 1.6105

Support levels:

S1: 1.5943

S2 : 1.5916

S3: 1.5871

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

Summary
Urgency
Analytic
Petar Jacimovic
Start trade
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $6000 more!
    In December we raffle $6000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback