FX.co ★ EUR/NZD analysis for October 27, 2014

Overview:

In our last analysis, EUR/NZD has been trading downwards. The price tested the level of 1.6086 in an ultra high volume below average. Our Fibonacci retracement 38.2% at the price of 1,6090 is on the test so be careful when selling EUR/NZD at this stage. According to the 1H time frame, we may see potential end of the bearish corrective phase (abcd). We also got Fibonacci expansion 61.8% at the price of 1,6090. Be careful when selling EUR/NZD since we may see futher upward movement. Anyway, I have placed Fibonacci retracement to find potential support levels and I got Fibonacci retracement 38.2% at the price of 1.6090 (currently on the test) and Fibonacci retracement 61.8% at the price of 1.6015. Watch for potential buying opportunities after retracement.

Daily Fibonacci pivot levels:

Resistance levels:

R1: 1.6194

R2: 1.6222

R3: 1.6268

Support levels:

S1: 1.6102

S2: 1.6074

S3: 1.6028

Trading recommendations: Be careful when selling the EUR/NZD pair since our Fibonacci retracement 38.2% is on the test