FX.co ★ EUR/NZD analysis for November 03, 2014

Overview:

In our last analysis, EUR/NZD has been trading upwards. The price tested the level of 1.6143 in an average volume. EUR/NZD is in a bullish corrective phase, so I have placed Fibonacci retracement to find potential resistance. I got Fibonacci retracement 61.8% at the price of 1.6145 (currently on the test). According to the 4H time frame, we can observe a bullish corrective phase (abcd). We also got an absorption volume in the background, which makes EUR/NZD very risky for mid-term buying.

Daily Fibonacci pivot levels:

Resistance levels:

R1: 1.6102

R2: 1.6138

R3: 1.6196

Support levels:

S1: 1.5987

S2: 1.5951

S3: 1.5894

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