FX.co ★ EUR/NZD analysis for December 23, 2014

Overview:

In our last analysis, EUR/NZD was trading downward.The price tested the level of 1.5750 in an average volume. According to the daily time frame, we got weak demand, which casued price to continue with downward movement. I placed Fibonacci expansion to find potential support levels and got Fibonacci expansion 161.8% at the price of 1.5585. According to the H4 time frame, we can observe a lack of supply in an average volume and lack of demand in the background. My advice is to watch for potenatial selling opportunities after retracement.

Daily Fibonacci pivot levels:

Resistance levels:

R1: 1.5852

R2: 1.5873

R3: 1.5906

Support levels:

S1: 1.5786

S2: 1.5765

S3: 1.5732

Trading recommendations: Be careful when buying the EUR/NZD pair since we have a lack of demand around the level of 1.5840.