empty
 
 
28.05.2014 01:55 PM
EUR/NZD analysis for May 28, 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 upwards, the price tested the level of 1.6046 on ultra high volume (buying climax) according to the 4H timeframe . According to the 4H timeframe, I have placed Fibonacci retracement levels to find potential end of bullish movement and I got major Fibonacci retracement 61.8% at the price of 1.6075. We can observe broken resistance level at the price of 1.6015 but on ultra high volume, which may be a panic movement so buying at this stage looks very risky. A support level at the price of 1.5910 held successfully and that caused price to start upward movement. Anyway, be careful with buying EUR/NZD since price is near the resistance.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1.5961

R2: 1.5975

R3: 1.5997

Support levels:

S1: 1.5917

S2: 1.5903

S3: 1.5881

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