empty
 
 
22.10.2014 03:47 PM
EUR/NZD analysis for October 22, 2014

This image is no longer relevant

This image is no longer relevant

Overview:

In our last analysis, EUR/NZD has been trading downwards. As we expected, the price tested the level of 1.5904 in a high volume. Strong rejection from our resistance level at the price of 1.6230 caused price to start with a bearish continuation phase. I have placed Fibonacci expansion from the most recent swings to find support levels and I got Fibonacci expansion 100% at the price of 1.5815 and Fibonacci expansion 161.8% at the price of 1.5535. According to the 4H time frame, we can observe strong supply in the background and very weak reaction from buyers, which is a sign that buying looks risky. Be careful when buying and watch for potential selling opportunities after retracement.

Daily Fibonacci pivot levels:

Resistance levels:

R1: 1.6050

R2: 1.6090

R3: 1.6155

Support levels:

S1: 1.5919

S2: 1.5879

S3: 1.5813

Trading recommendations: Be careful when buying the EUR/NZD pair since we started short-term bearish continuation.

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 $1000 more!
    In April we raffle $1000 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
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 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