FX.co ★ EUR/NZD analysis for March 18, 2014

Overview:

Since our previous analysis, the EUR/NZD pair has been trading downwards, the price tested the level of 1.6128 on ultra high volume (selling climax). Be careful with selling since we've got selling on very high volume. We can observe testing the level of 1.6130 (Fibonacci expansion 61.8%). The EUR/NZD is in short- and mid-term bullish trend, so watch for buying opportunities on the dips and try to catch the bullish phase. To confrim potential bullish phase, we need to see strong demand on high volume on the market. Anyway, if the price breaks the level of 1.6130 on high volume, we may see testing the level of 1.6020 (Fibonacci expansion 100%) before any larger upward movement.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1.6300

R2: 1.6332

R3: 1.6382

Support levels:

S1: 1.6199

S2 : 1.6167

S3: 1.6116

Trading recommendation: Be careful with selling the EUR/NZD pair since we got selling climax.