FX.co ★ EUR/NZD analysis for April 16, 2015

Overview:

Recently, EUR/NZD has been trading downwards. The price tested the level of 1.3974 in a high volume. Since our Fibonacci retracement 38.2% (resistance) at the price of 1.4230 was held successfully, we saw a downward movement. Our Fibonacci expansion 100% at the price of 1.4025 is on the test. The short-term trend is bearish. Be careful when buying and watch for potential selling opportunities after corrections. If the price breaks the level of 1.4025 in a high volume, we may see possible testing of the level of 1.3715 (Fibonacci expansion 161.8%). I have placed Fibonacci retracement to find potential resistance levels and have got Fibonacci retracement 38.2% at the price of 1.4070 (on the test) and Fibonacci retracement 61.8% at the price of 1.4135.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.4159

R2: 1.4200

R3: 1.4262

Support levels:

S1: 1.4030

S2: 1.4000

S3: 1.3930

Trading recommendations: If the price breaks the level of 1.4025 in a high volume, we may see potential testing of the level of 1.3715. Selling opportunities are preferable below the price of 1.4025.