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EUR/NZD analysis for March 06, 2015

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Overview:

In our last analysis EUR/NZD was trading downwards. The price rejected from our Fibonacci retracement 38.2% (1.4810). According to the 4H time frame, we can observe supply in a volume above the average. I have placed Fibonacci retracement to find potential support levels and have got Fibonacci retracement 61.8% at the price of 1.4650 (currently on the test). Selling EUR/NZD at this stage still looks very risky since we may expect reaction from buyers.

Daily Fibonacci pivot levels:

Resistance levels:

R1: 1.4797

R2: 1.4850

R3: 1.4939

Support levels:

S1: 1.4621

S2: 1.4567

S3: 1.4479

Trading recommendations: Be careful when selling at this stage and 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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