FX.co ★ EUR/NZD : analysis for April 15, 2015

Overview:

Recently, EUR/NZD has been trading sideways around 1.4130. We face low volatility. Our Fibonacci expansion 100% at the level of 1.4035 was held successfully and the price entered a corrective phase. I have placed Fibonacci retracement to find potential resistance levels and have got Fibonacci retracement 38.2% at 1.4230 (successfully tested) and Fibonacci retracement 61.8% at 1.4350. The short-term trend is neutral. We are waiting for 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 it testing the level of 1.4350. Anyway, if we see larger supply on the market, we may see possible re-testing of 1.4030.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.4196

R2: 1.4216

R3: 1.4250

Support levels:

S1: 1.4130

S2: 1.4110

S3: 1.4080

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 of 1.4235.