FX.co ★ EUR/NZD: analysis for October 29, 2013

Overview:

Since our last analysis, the EUR/NZD pair has been trading upwards, the price broke the previous high at 1.6510, tested 1.6686 on high volume and started the major bullish continuation earlier that we had planed. I placed Fibonacci and I got FR 61.8% at the price of 1.6800. I also calculated volume in the legs and I got increasing in volume of 2% on the previous upper leg. Since we are in the uptrend, according to the daily chart, my advise is to watch for buying opportunities.

Daily pivot Fibonacci points:

R1: 1.6654

R2: 1.6678

R3: 1.6717

Support levels:

S1: 1.6577

S2: 1.6553

S3: 1.6515

Trading recommendation: Be careful with selling since EUR/NZD has started bullish continuation, and we may see the testing of the level of 1.6800.