FX.co ★ EUR/NZD: Analysis for November 15, 2013

Overview :

Since our last analysis, the EUR/NZD pair has been trading sideways, around the price of 1.6200. We are still waiting for the testing of the level of 1.6700. 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 advice 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: 1.6307

R2: 1.6349

R3: 1.6416

Support levels:

S1: 1.6173

S2: 1.6131

S3: 1.6064

Trading recommendation: Be careful with selling EUR/NZD and watch for buying opportunities after down corrections.