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

Overview

Since our last analysis, the EUR/NZD pair has been trading upwards, like we expected. The price tested of 1.6271 on average volume. Since our major Fibonacci expansion 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 first potential upper station at the previous high area at 1.6700

Daily pivot Fibonacci points:

Resistance levels:

R1: 1.6280

R2: 1.6321

R3: 1.6387

Support levels:

S1: 1.6149

S2: 1.6108

S3: 1.6043

Trading recommendation: Be careful with selling EUR/NZD and watch for buying opportunities…