EUR/NZD analysis for March 03, 2014

Overview:

Since our previous
analysis, the EUR/NZD pair has been trading upwards, as we expected, the price
tested the level of 1.6511 on volume above the average. We can observe
rejection from our major support zone at the price of 1.6308, which is a good
sign for potential bullish continuation phase. The price got stopped on our target
level Fibonacci retracement at the price of 1.6515. If the price breaks the
level of 1.6515 on higher volume, we may expect testing the level of 1.6600 (submajor
Fibonacci expansion 61.8%). Be careful with selling since we may see the end of
bearish corrective phase (abcd) and we also got that strong demand entered the
market. EUR/NZD is in short- and mid-term bullish trend, so watch for buying
opportunities on the dips and try to catch the bullish continuation phase.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1.6476

R2: 1.6523

R3: 1.6599

Support levels:

S1: 1.6323

S2 : 1.6276

S3: 1.6199

Trading recommendation: Be careful with selling the EUR/NZD
pair, watch for buying opportunities and try to catch the potential bullish continuation
phase.

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