FX.co ★ EUR/NZD analysis for September 08, 2014

Overview:

Since our last analysis, EUR/NZD has been trading downwards. As we expected, the price tested the level of 1.5540 in a very high volume according to the daily time frame. It is still unsafe to buy anything, so watch for potential selling opportunities after retracement. According to the 4H time frame, we can observe weak reaction from buyears (reaction on ultra high volume supply), so buying looks very risky. Anyway, if the price breaks the level of 1.5550, we may see potential testing the level of 1.5455 (swing low like support).

Daily Fibonacci pivot levels :

Resistance levels:

R1: 1.5609

R2: 1.5629

R3: 1.5663

Support levels:

S1: 1.5541

S2: 1.5521

S3: 1.5487

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