FX.co ★ EUR/NZD analysis for September 12, 2014

Overview:

Since our last analysis, EUR/NZD has been trading upwards. The price tested the level of 1.5832 in a volume above average according to the daily chart. I have placed Fibonacci expansion to find potential resistance levels. I got Fibonacci expansion 61.8% around the price of 1.5830 (currently on the test). Selling at this stage looks risky, so watch for potential bearish correction and then try to build bullish positions. If the price breaks the level of 1.5830 (Fibonacci expansion 61.8%), we may see potential testing the level of 1.5900-1.6000 (Fibonacci expansion 100%).

Daily Fibonacci pivot levels :

Resistance levels:

R1: 1.5822

R2: 1.5850

R3: 1.5897

Support levels:

S1: 1.5728

S2: 1.5700

S3: 1.5653

Trading recommendations: Be careful when selling the EUR/NZD pair since we may see further upward movement.