FX.co ★ EUR/NZD analysis for June 19, 2014

Overview:

Since our previous analysis, the EUR/NZD pair has been trading downwards, as we expected, the price tested the level of 1.5549 on average volume. Since our Fibonacci expansion 100% at the price of 1.5665 has got broken, we may see possible testing the level of 1.5335. According to the 4H timeframe, we can observe strong supply on ultra high volume (selling climax), which is a sign that buying looks risky. Watch for potential selling opportunities.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1.5631

R2: 1.5655

R3: 1.5695

Support levels:

S1: 1.5551

S2: 1.5527

S3: 1.5487

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