FX.co ★ EUR/NZD analysis for November 11, 2014

Overview:

In our last analysis, EUR/NZD has been trading downwards. As we expected, the price rejected from the level of 1.6075 (swing low like resistance) and tested the level of 1.5964. According to the 4H time frame, we can observe strong supply on the market, 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: 1.6051

R2: 1.6073

R3: 1.6109

Support levels:

S1: 1.5979

S2: 1.5957

S3: 1.5921

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