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12.12.2014 01:50 PM
EUR/NZD analysis for December 12, 2014

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Overview:

In our last analysis, EUR/NZD was trading upward. As we expected, the price tested the level of 1.5970 in an average volume. Our Fibonacci retracement 61.8% at the price of 1.5835 held successfully, and it made price start with strong upward movement. I placed Fibonacci retracement to find potential resistance level and got Fibonacci retracement 38.2% at the price of 1.5975 (currently on the test) and Fibonacci retracement 61.8% at the price of 1.6060. According to the 4H time frame, we can observe demand on the market. So, be careful when buying EUR/NZD at this stage since price is testing our resistance level.

Daily Fibonacci pivot levels:

Resistance levels:

R1: 1.5947

R2: 1.5979

R3: 1.6031

Support levels:

S1: 1.5843

S2: 1.5811

S3: 1.5759

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

Summary
Urgency
Analytic
Petar Jacimovic
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