FX.co ★ EUR/NZD analysis for June 23, 2014

Overview:

Since our previous analysis, the EUR/NZD pair has been trading downwards, as we expected, the price tested the level of 1.5535 on volume just above the average . 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 Daily timeframe, we can observe very weak demand (no demand bar), which is sign that buying looks very risky. Watch for potential selling opportunities.Anyway, 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: 1.5641

R2: 1.5651

R3: 1.5667

Support levels:

S1: 1.5610

S2: 1.5600

S3: 1.5585

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