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    EUR/NZD analysis for February 24, 2015 2016-02-24


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    Overview :

    Recently, EUR/NZD has been moving upwards. The price tested the level of 1.6682 in a high volume. In the daily time frame, we can observe a bullish correction. Anyway, the level of 1.6640 may be a good level for selling since we got there corrective Fibonacci expansion 161.8% and support cluster, which became solid resistance. Be careful when buying EUR/NZD at this stage and watch for potential selling opportunities. Next downward target is seen at the level of 1.6180 ( sub-major Fibonacci expansion 161.8%) and at the level of 1.5990 (major Fibonacci expansion 161.8%).

    Fibonacci Pivot Points:

    Resistance levels:

    R1: 1.6600

    R2: 1.6645

    R3: 1.6720

    Support levels:

    S1: 1.6445

    S2: 1.6395

    S3: 1.6320

    Trading recommendation: watch for potential selling opportunities on rallies.

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