FX.co ★ EUR/NZD analysis for July 01, 2014

Overview:

Since our previous analysis, the EUR/NZD pair has been trading sideways, around the price of 1.5640, we are still waiting for larger volume and price action. According to previous price action, I have placed Fibonacci retracement levels to find potential resisntace levels and I have got Fibonacci retracement 61.8% at the price of 1.5615 (currently is being tested). According to previous price action, we can observe a resisntace level at the price of 1.5645, so be careful with buying EUR/NZD at this stage.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1.5650

R2: 1.5677

R3: 1.5721

Support levels:

S1: 1.5562

S2: 1.5535

S3: 1.5491

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