FX.co ★ EUR/NZD analysis for February 18, 2015

Overview:

In our last analysis EUR/NZD was trading sideways around the price of 1.5140. We may see bullish reaction from our Fibonacci expansion 61.8% at the price of 1.5060, which is a good sign for potential euro recovery. We have a resistance around the price of 1.5200 (swing low like resistance). If the price breaks the level of 1.5200 in a high volume, we may see a possible testing of the level of 1.5350 (major Fibonacci retracement 38.2%). My advice is to watch for potential buying opportunities on the lows (buy on the dips).

Daily Fibonacci pivot levels:

Resistance levels:

R1: 1.5174

R2: 1.5201

R3: 1.5244

Support levels:

S1: 1.5088

S2: 1.5061

S3: 1.5018

Trading recommendations: Be careful when selling at this stage and watch for potential buying opportunities after retracement (buy on the dips).