EUR/NZD analysis for February 04, 2014
February 4, 2014 11:40 amVideo
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Overview:
Since our previous analysis, the EUR/NZD pair has been
trading downwards, we tested the level of 1.6553 on higher volume.We can observe that supply
has entered the market at the price of 1.6690 which caused price to start
bearish corrective movement. I have placed Fibonacci levels to find possible
end of the bearish corrective phase and i got FR 38.2% at the price 1.6565 and
FR 61.8% at the price 1.6435. First upper station is still the same like in
previous analysis, so level of the 1.6800. Do not forget that EUR/NZD is in
short- and mid-term bullish trend and selling EUR/NZD at this stage looks very
risky. Watch for buying opportunities on the dips and try to catch the bullish
continuation phase.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1.6746
R2: 1.6780
R3: 1.6835
Support levels:
S1: 1.6637
S2 : 1.6603
S3: 1.6549
Trading
recommendation: Be careful with selling the EUR/NZD pair, watch for buying
opportunities and try to catch the bullish continuation phase.
The material has been provided by InstaForex Company – www.instaforex.com
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