FX.co ★ EUR/NZD analysis for September 23, 2014

Overview:

Since our last analysis, EUR/NZD has been trading upwards. As we expected, the price tested the level of 1.5913. Our Fibonacci expansion 100% at the price of 1.5760 held successful, which caused price to start bullish continuation. We may expect testing the level of 1.5930 (swing high like resistance). Anyway, if the price breaks the level of 1.5930 (swing high like resistance), we may see potential testing the level of 1.6000 (Fibonacci expansion 100%). Be careful when selling and watch for potential buying opportunities after retracement. According to the 4H time frame, we can observe demand in a volume above average, which is a good sign for potential bullish continuation.

Daily Fibonacci pivot levels :

Resistance levels:

R1: 1.5852

R2: 1.5884

R3: 1.5936

Support levels:

S1: 1.5748

S2: 1.5716

S3: 1.5664

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