FX.co ★ EUR/NZD analysis for July 02, 2014

Overview:

Since our previous analysis, the EUR/NZD pair has been trading downwards, as we expected, the price tested the level of 1.5563 on average volume according to the 4H timeframe. 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 (successful rejection). I have also placed Fibonacci expansion levels to find potential down stations and I got first down station around the price of 1.5510 (Fibonacci expansion 61.8%). Be careful with buying and watch for potential selling opportunities.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1.5633

R2: 1.5652

R3: 1.5683

Support levels:

S1: 1.5571

S2: 1.5552

S3: 1.5521

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