FX.co ★ EUR/NZD: analysis for December 02, 2013

Overview:

Since our last analysis, the EUR/NZD pair has been trading downwards, price tested level of 1.6498 on volume above the average, and started bearish corrective phase. Potential levels for the end of the correcrtive phase are 1.6480, 1.6427, 1.6351, 1.6270. Since our major Fibonacci expansion 61.8% was held, we may expect a re-building of a bullish strength. According to the daily chart, we have got a 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 after bearish corrective phase.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1.6805

R2: 1.6849

R3: 1.6920

Support levels:

S1: 1.6663

S2: 1.6619

S3: 1.6548

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