FX.co ★ EUR/NZD analysis for October 29, 2014

Overview:

In our last analysis, EUR/NZD has been trading downwards. The price tested the level of 1.6015 in a average volume. Our Fibonacci retracement 61.8% at the price of 1.6015 held successfully, so be careful when selling EUR/NZD at this stage. According to the 4H time frame, we can observe potential end of beairhs corrective phase (abcd), 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 (buy on the lows). According to the daily chart, we got weak supply in a volume below the average.

Daily Fibonacci pivot levels:

Resistance levels:

R1: 1.6100

R2: 1.6118

R3: 1.6148

Support levels:

S1: 1.6039

S2: 1.6021

S3: 1.5990

Trading recommendations: Be careful when selling the EUR/NZD pair since our Fibonacci retracement 61.8% is on the test