FX.co ★ EUR/NZD: analysis for November 08, 2013

Overview:

Since our last analysis, the EUR/NZD pair has been trading downwards, like we expected, the price tested and rejected from the level of 1.5195 on ultra high volume (selling climax). Since our Fibonacci retracement 61.8 % held, we may expect re-building of bullish strength. As you can see in the chart, we also got high effort for the downward movements with no results which is another good sign that we may see major bullish continuation. Since we are in the uptrend, according to the daily chart, my advise is to watch for buying opportunities and potential first target area at the previous high area at 1.6800.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1.6177

R2: 1.6241

R3: 1.6346

Support levels:

S1: 1.5968

S2: 1.5904

S3: 1.5800

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