FX.co ★ EUR/NZD analysis for July 17, 2014

Overview:

Since our previous analysis, the EUR/NZD pair has been trading sideways. We can observe flat day and movements around the price of 1.5560. I have placed Fibonacci retracement to find potential resisntace level and I got Fibonacci retracement 61.8% at the price of 1.5588 (currently on the test). 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 4H timeframe, we can observe supply (up-thrust bar) in a volume above the average.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1.5579

R2: 1.5610

R3: 1.5660

Support levels:

S1: 1.5480

S2: 1.5448

S3: 1.5398

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