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21.08.2014 04:19 PM
EUR/NZD analysis for August 21, 2014

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Overview:

Since our last analysis, EUR/NZD has been trading sideways. We are still waiting for larger price action and larger activity. Price has been successfully rejected again from our Fibonacci retracement 61.8% at the price of 1.5900, which is a sign that buying looks very risky. According to the 4H time frame, I have placed Fibonacci expansion levels to find potential resistance and I got Fibonacci expansion 161.8% at the price of 1.5870 (successfully tested). Watch for potential selling opportunities after retracement. So, if the price breaks the level of 1.5710 in a higher volume, we may see potential testing the level of 1.5595.

Resistance levels:

R1: 1.5874

R2: 1.5896

R3: 1.5932

Support levels:

S1: 1.5801

S2: 1.5779

S3: 1.5742

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

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