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EUR/NZD : analysis for February 06, 2015

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Overview:

In our last analysis EUR/NZD was trading upwards. The price has tested the level of 1.5524 in a volume below the average. Our Fibonacci retracement 61.8% around the price of 1.5800 was held successfully, and it made price start with bearish movement. Be careful when buying EUR/NZD at this stage since we may see more bearish movement before any larger bullish reaction. Our Fibonacci retracement 38.2% at the price of 1.5421 is again on the test. Anyway, if the price breaks the level of 1.5420 in a high volume, we may see a possible testing of the level of 1.5180 (Fibonacci retracement 61.8%). According to the 4H time frame, we can observe lack of demand around the price of 1.5524, which is a sign that buying look risky.

Daily Fibonacci pivot levels:

Resistance levels:

R1: 1.5537

R2: 1.5581

R3: 1.5654

Support levels:

S1: 1.5392

S2: 1.5348

S3: 1.5276

Trading recommendations: Be careful when buying at this stage, but watch for potential buying opportunities after retracement (buy on the dips)


Petar Jacimovic neemt deel aan de "Analyst of the Year" onderscheiding georganiseerd door MT5.com portal. Als u zijn artikel goed vindt, stemt u dan op hem.

Uitgevoerd door, Analytische expert
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