FX.co ★ EUR/NZD analysis for July 15, 2014

Overview:

Since our previous analysis, the EUR/NZD pair has been trading sideways. We are facing a quiet day and low activity on this pair around the price of 1.5470. I have placed Fibonacci expansion levels to find potential resistance level and I got Fibonacci expansion 161.8% at the price of 1.5480 (held successfuly). Be careful when buying and watch for potential selling opportunities. The third major down station (short-term) is still at the price of 1.5335 (Fibonacci expansion 161.8%). According to the 1H timeframe, we can observe buying climax at the price of 1.5495, which is a sign that buying looks very risky.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1.5478

R2: 1.5495

R3: 1.5519

Support levels:

S1: 1.5427

S2: 1.5411

S3: 1.5385

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