FX.co ★ EUR/NZD: analysis for November 19, 2014

Overview:

In our last analysis, EUR/NZD has been trading upwards. As we expected, the price tested the level of 1.5978 in a volume above the average. According to the daily time frame, we can observe demand on the market in a volume below the average. I have placed Fibonacci retracement to find potential resistnace level and I got Fibonacci retracement 38.2% at the price of 1.5970 . Be careful when buying EUR/NZD at this stage and watch for potential selling opportunities after retracement.

Daily Fibonacci pivot levels:

Resistance levels:

R1: 1.5829

R2: 1.5862

R3: 1.5917

Support levels:

S1: 1.5720

S2: 1.5687

S3: 1.5633

Trading recommendations: Be careful when buying EUR/NZD since we may expect reaction from sellers