FX.co ★ EUR/NZD : Analysis for June 12, 2013

Overview:

Since our last analysis the EUR/NZD pair rejected from level 1.7100, initiationg another corrective phase. This correction can be small or major corrective phase. I have placed Fibonacci Expansion levels and got FE 161.8 % at price 1.6563 which is very important level for EUR/NZD. If the price breaks FE 161.8 %, that means that we have started a major corrective phase and that 1.6300 level is posible. According to the daily chart, level 1.7150 is still valid to be tested but we will see how the price will react after downward corrections. Current situation on (1H) time frame is that the price is heading to test our FE 161.8% at 1.6563, if the price rejects from FE 161.8 %, we may see level 1.6730 to be tested. ince we are in a good upward trend I advise you to watch for buying opportunities after downward corrections.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1.7061

R2: 1.7144

R3: 1.7280

Support levels:

S1: 1.6790

S2: 1.6707

S3: 1.6572

Trading recommendation: Be careful with short-term selling and look for buying opportunities. I recommend 1.6730 for up target if price rejects from FE 161.8 % (potential level for end of correction).