FX.co ★ EUR/NZD analysis for November 10, 2014

Overview:

In our last analysis, EUR/NZD has been trading downwards. As we expected, the price rejected from the level of 1.6150 and tested the level of 1.5958.. According to the 4H time frame, we can observe weak demand, which is a sign that buying EUR/NZD looks risky. Our support at the price of 1.5980 is on the test so if the price breaks the level of 1.5980 in a high volume and strong price action, we may see testing the level of 1.5900 (swing low like support) and 1.5800 (Fibonacci expansion 100%).

Daily Fibonacci pivot levels:

Resistance levels:

R1: 1.6132

R2: 1.6161

R3: 1.6207

Support levels:

S1: 1.6040

S2: 1.6011

S3: 1.5965

Trading recommendations: Be careful when buying EUR/NZD pair since we got successful rejection from our Fibonacci expansion 100%.