FX.co ★ EUR/NZD analysis for March 12, 2014

Overview:

Since our previous analysis, the EUR/NZD pair has been trading upwards, as we expected, the price tested the level of 1.6432 on high volume. Our previous analysis is still active and in progress. Be careful with selling since we've got strong demand in the background starting from the level of 1.6191. 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. Our Fibonacci Retracement 61.8% at the price of 1.6285 held successfully and then we saw a strong reaction from the buyers. First upper station is submajor Fibonacci Retracement 61.8% at the price of 1.6485.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1.6387

R2: 1.6409

R3: 1.6445

Support levels:

S1: 1.6315

S2 : 1.6293

S3: 1.6257

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