EUR/NZD: analysis for December 26, 2013

Overview:

Since our last analysis, the EUR/NZD pair has been trading
upwards, like we expected, the price tested the level of 1.6773 on volume above
the average. As you can see from the chart, we got selling climax (large
volume)at price 1.6675 and after that we saw volume leveling off, which was
good sign for bullish movement .Currently, the price rejected successfully from
Fibonacci retracement 38.2% (1.6687).We placed Fibonacci expansion levels to
find potential upper station, and we got Fibonacci Expansion 100% at price
1.6790 anf FE 161.8 % at price 1.6910.If price breaks level of 1.6790 on high
volume, we may expect testing of next upper station at 1.6910 (FE 161.8 %).

Daily pivot Fibonacci points:

Resistance levels:

R1: 1.6730

R2: 1.6744  

R3: 1.6768

Support levels:

S1: 1.6682

S2: 1.6668

S3: 1.6644

Trading recommendation: Be careful with selling the EUR/NZD pair
and watch for buying opportunities with potential upper station at 1.6790 and
1.6910.

The material has been provided by InstaForex Company – www.instaforex.com