FX.co ★ EUR/NZD : analysis for April 08, 2015

Overview:

In our last analysis, EUR/NZD was trading downwards. The price tested the level of 1.4253 in a high volume. Since the price has broken our Fibonacci retracement 38.2% (1.4380), we saw downward movement. Fibonacci retracement 61.8% at 1.4285 is tested now. If the price breaks the level of 1.4285 in a high volume, we may it testing the level of 1.4130 (swing low like support). Be careful when buying since we are in short-term bearish trend. Watch for selling opportunities after retracements.

Daily Fibonacci pivot levels:

Resistance levels:

R1: 1.4514ed

R2: 1.4554

R3: 1.4618

Support levels:

S1: 1.4386

S2: 1.4346

S3: 1.4282

Trading recommendations: Be careful when buying EUR/NZD and watch for potential selling opportunities after retracement.