FX.co ★ EUR/NZD analysis for June 27, 2014

Overview:

Since our previous analysis, the EUR/NZD pair has been trading upwards, the price tested the level of 1.5558 on volume just 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 1.5545 (swing low like resistance). Price is right now in bullish corrective phase so watch for buying opportunities after retracement.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1.5582

R2: 1.5612

R3: 1.5660

Support levels:

S1: 1.5485

S2: 1.5455

S3: 1.5406

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