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05.11.2014 05:23 PM
EUR/NZD analysis for November 05, 2014

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Overview:

In our last analysis, EUR/NZD has been trading downwards. As we expected, the price tested and rejected from the level of 1.6004 in an average volume. Our Fibonacci expansion 100% 1.6190 is now on the test. According to the 1H time frame, we can observe absorption volume in the background, which is a sign that selling EUR/NZD looks risky. If the price breaks the level of 1.6190 in a high volume and strong price action takes place, we may see possible testing the level of 1.6250 (swing hihg like resistance).

Daily Fibonacci pivot levels:

Resistance levels:

R1: 1.6162

R2: 1.6197

R3: 1.6252

Support levels:

S1: 1.6051

S2: 1.6016

S3: 1.5960

Trading recommendations: Be careful when selling EUR/NZD pair since we got absorption volume according to the 1H time frame.

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