FX.co ★ EUR/NZD analysis for March 05, 2014

Overview:

Since our previous analysis, the EUR/NZD pair has been trading downwards, the price tested the level of 1.6289 on volume above the average. Since the price has broken our Fibonacci retracement 61.8% (), next possible end of the corrective phase may be around the Fibonacci expansion 61.8 % at the price of 1.6270. Be careful with selling since we may see the end of bearish corrective phase (abcd). EUR/NZD is in short- and mid-term bullish trend, so watch for buying opportunities on the dips and try to catch the bullish continuation phase. The first upper station is the area around the price of 1.6515. Anyway, if the price breaks the level of 1.6250 on high volume, we may see further downwards movement before the major bullish continuation phase.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1.6423

R2: 1.6443

R3: 1.6475

Support levels:

S1: 1.6360

S2 : 1.6340

S3: 1.6309

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