FX.co ★ EUR/NZD: analysis for Novemeber 06, 2013

Overview:

Since our last analysis, the EUR/NZD pair has been trading downwards,as we expected, the price tested the level of 1.6099 on high volume. I placed Fibonacci expansion to find a potential end of bearish corrective phase, and I got FE 61.8% at the price of 1.5940. We also got Fibonacci retracement 61.8 % at the price of 1.5920. In my opinion, the corrective phase may end around the level of 1.6000-1.5920. Since we are in the uptrend, according to the daily chart, my advise is to watch for buying opportunities after a correction.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1.6284

R2: 1.6342

R3: 1.6436

Support levels:

S1: 1.6260

S2: 1.6037

S3: 1.5942

Trading recommendation: Be careful with selling EUR/NZD and watch for buying opportunities after a bearish correction.