FX.co ★ EUR/NZD analysis for April 13, 2015

Overview:

Recently, EUR/NZD has been trading upwards. The price tested the level of 1.4219 in a high volume. Our Fibonacci expansion 100% at the level of 1.4035 was held successfully and the price went into corrective phase. I have placed Fibonacci retracement to find potential resistance levels and have got Fibonacci retracement 38.2% at the price of 1.4230 and Fibonacci retracement 61.8% at the price of 1.4350. The short-term trend is neutral. We are waiting a clear direction so we can take better opportunity. If the price breaks the level of 1.4235 in a high volume, we may see testing of the level of 1.4350. Anyway, if we see larger supply on the market, we may see possible re-testing of 1.4030.

Daily Fibonacci pivot levels:

Resistance levels:

R1: 1.4100

R2: 1.4116

R3: 1.4142

Support levels:

S1: 1.4046

S2: 1.4029

S3: 1.4002

Trading recommendations: If the price breaks the level of 1.4235 in a high volume, we may see potential testing of the level of 1.4350. Buying opportunities are preferable above the price 1.4235.