FX.co ★ EUR/NZD analysis for June 20, 2014

Overview:

Since our previous analysis, the EUR/NZD pair has been trading sideways, around the price of 1.5620, we are still waiting for larger movement and larger 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 bullish reaction on the selling climax. Anyway, reaction was not so strong, so buying still looks very risky. Watch for potential selling opportunities. If the price start with larger bullish movement, we got major resistance level around the price of 1.5750 (swing low like resistance).

Daily pivot Fibonacci points:

Resistance levels:

R1: 1.5635

R2: 1.5657

R3: 1.5692

Support levels:

S1: 1.5565

S2: 1.5543

S3: 1.5508

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