empty
 
 
23.10.2014 04:12 PM
EUR/NZD analysis for October 23, 2014

This image is no longer relevant

This image is no longer relevant

Overview:

In our last analysis, EUR/NZD has been trading upwards. The price tested the level of 1.6140 in an ultra high volume (buying climax). Price rejection from the level of 1.5910 (swing high like support), which pushed the price to start upward movement. I have placed Fibonacci retracement to find potential resistance level and I got Fibonacci retracement 38.2% at the price of 1.6110 and Fibonacci retracement 61.8% at the price of 1.6235. According to the 4H time frame, we can observe demand in an ultra high volume. Be careful when buying EUR/NZD since the price is near the resistance level and we got buying climax on the market. Anyway, of the price breaks the level of 1.6110 in a high volume, we may see testing the level of 1.6235.

Daily Fibonacci pivot levels:

Resistance levels:

R1: 1.5977

R2: 1.5997

R3: 1.6029

Support levels:

S1: 1.5914

S2: 1.5894

S3: 1.5863

Trading recommendations: Be careful when buying the EUR/NZD pair since our resistance level is on the test and we got buying climax on the market.

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