FX.co ★ EUR/NZD analysis for June 04, 2014

Overview: 

Since our previous analysis, the EUR/NZD pair has been trading upwards, the price tested the level of 1.6195 on volume above the average. The price has broke our Fibonacci retracement 61.8% and tested our Fibonacci expansion 100% at the price of 1.6170 on ultra high volume (buying climax) according to the daily chart. Buying at this stage looks very risky since price is near resisntace level and we got buying climax in the background according to the daily chart. According to the 4H timeframe, we can observe buying pressure and selling also looks risky since we didint see any larger supply. Anyway, be careful with buying EUR/NZD since the price is near the resistance. Any larger supppy may signal further bearish movement.

Daily pivot Fibonacci points: 

Resistance levels: 

R1: 1.6184

R2: 1.6217 

R3: 1.6270 

Support levels: 

S1: 1.6077 

S2: 1.6044 

S3: 1.5990 

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