FX.co ★ EUR/NZD analysis for October 28, 2014

Overview:

In our last analysis, EUR/NZD has been trading downwards. The price tested the level of 1.6023 in a high volume. Our Fibonacci expansion 100% at the price of 1.6050 held successfully, so be careful when selling EUR/NZD at this stage. According to the 4H time frame, we can observe good rejection from our support, which is a sign that selling looks risky. We also got Fibonacci retracement 61.8% at the price of 1,6015 (almost got tested). Be careful when selling EUR/NZD since we may see further upward movement. Watch for potential buying opportunities after retracement.

Daily Fibonacci pivot levels:

Resistance levels:

R1: 1.6140

R2: 1.6158

R3: 1.6189

Support levels:

S1: 1.6079

S2: 1.6061

S3: 1.6031

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