FX.co ★ EUR/NZD: analysis for November 18, 2013

Overview:

Since our last analysis, the EUR/NZD pair has been trading sideways, around the price of 1.6130. 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 decreasing in volume on downward legs that is another good sign that we may see major bullish continuation. According to the daily chart, we got no supply bar on volume below the average. 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: 1.6246

R2: 1.6269

R3: 1.6307

Support levels:

S1: 1.6171

S2: 1.6148

S3: 1.6111

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