FX.co ★ EUR/NZD: analysis for December 06, 2013

Overview:

Since our last analysis, the EUR/NZD pair has been trading upward movement, just like we expected. The price tested level of 1.6714 on high volume. Since our FR 38.2 % held, the level of 1.6480 is possible end of bearish corrective phase. I've placed Fibonacci expansion levels to find potential upper station and i got FE 61.8 % at 1.7000 like first possible station. According to the daily chart, we have got a demand bar on volume above the average. Since we are in the uptrend, according to the daily chart, my advice is to watch for buying opportunities.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1.6698

R2: 1.6743

R3: 1.6817

Support levels:

S1: 1.6550

S2: 1.6505

S3: 1.6431

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