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

Overview:

In our last analysis, EUR/NZD has been trading downwards. As we expected, the price tested the level of 1.5824 in a high volume. I have placed Fibonacci expansion to find potential support levels. I got Fibonacci expansion 100% at the price of 1.5780 and Fibonacci expansion 161.8% at the price of 1.5715. Our Fibonacci retracement 61.8% at the price of 1.5910 held successful, which enabled the price to start with downward movement. According to the daily time frame, we got up-thrust bar (supply overcoming demand). Be careful when buying and watch for potential selling opportunities.

Daily Fibonacci pivot levels:

Resistance levels:

R1: 1.5914

R2: 1.5945

R3: 1.5995

Support levels:

S1: 1.5815

S2: 1.5784

S3: 1.5735

Trading recommendations: Be careful when buying EUR/NZD since we got absorption volume in the background. Watch for potential selling opportunities.