FX.co ★ EUR/NZD analysis for January 24, 2014

Overview:

Since our last analysis, the EUR/NZD pair has been trading upwards, as we expected, the price tested the level of 1.6617 on very high volume. Currently, we can observe strong demand on the market and selling looks very risky. The price has reached our third target level at 1.6490, and our next upper station is 1.6690 (Fibonacci Retracement 61.8 %). Do not forget EUR/NZD is in short- and mid-term bullish trend and selling EUR/NZD at this stage looks very risky, so watch for buying opportunities on the dips and try to catch bullish continuation phase.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1.6530

R2: 1.6588

R3: 1.6682

Support levels:

S1: 1.6342

S2 : 1.6284

S3: 1.6190

Trading recommendation: Be careful with selling the EUR/NZD pair,watch for buying opportunities and try to catch bullish continuation phase.