FX.co ★ EUR/NZD analysis for March 02, 2015

Overview:

In our last analysis EUR/NZD was trading upwards. As we expected, the price has tested the level of 1.4906 in an average volume. The major support level at the price of 1.4790 was held successfully and it caused the price to start with an upward movement. I have placed Fibonacci retracement to find potential resistance levels and have got Fibonacci retracement 38.2% at the price of 1.4950. According to the H1 time frame, we can observe demand in an average volume. My advice is to watch for potential bullish opportunities near the lows. Any larger reaction from our support levels may confirm a further bullish phase.

Daily Fibonacci pivot levels:

Resistance levels:

R1: 1.4865

R2: 1.4890

R3: 1.4930

Support levels:

S1: 1.4785

S2: 1.4778

S3: 1.4692

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