FX.co ★ EUR/NZD : analysis for December 09, 2014

Overview:

In our last analysis, EUR/NZD has been trading upwards. The price tested the level of 1.6154 in an average volume. Our Fibonacci expansion 100% at the price of 1.6145 is on the test. I have placed Fibonacci retracement to find potential resistance level and I got Fibonacci retracement 61.8% at the price of 1.6165. According to the 4H time frame, we can observe lack of demand around the price of 1.6150. So, be careful when buying and watch for potential selling opportunities. Any larger supply may confirm a further bearish phase. We got support level (swng high like support) at the price of 1.6075.

Daily Fibonacci pivot levels:

Resistance levels:

R1: 1.6104

R2: 1.6142

R3: 1.6202

Support levels:

S1: 1.5984

S2: 1.5946

S3: 1.5886

Trading recommendations: Be careful when buying EUR/NZD since the price is near our resistance level. Watch for potential selling opportunities in a short-term perspective.