FX.co ★ EUR/NZD analysis for June 26, 2014

Overview: 

Since our previous analysis, the EUR/NZD pair has been trading downwards, as we expected, the price tested the level of 1.5502 on volume above the average according to the 4H chart. 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 previous price action, we have got resistance level around the price of 1.5745 (swing low like resistance). Buying looks risky so watch for potential selling opportunities after retracement.

Daily pivot Fibonacci points:

Resistance levels: 

R1: 1.5674 

R2: 1.5701 

R3: 1.5744 

Support levels: 

S1: 1.5588 

S2: 1.5561 

S3: 1.5518 

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