FX.co ★ EUR/NZD analysis for April 22, 2015

Overview:

Recently, EUR/NZD has been trading sideways around the price of 1.3960. Our Fibonacci expansion 100% at the level of 1.4025 is broken. The short-term trend is bearish. Be careful when buying and watch for potential selling opportunities after corrections. We may see possible testing of 1.3715 (Fibonacci expansion 161.8%). According to the H4 time frame, we can observe a supply in an average volume. Selling positions are preferable. Resistance levels are at 1.3945 - 1.3980 (recent swing lows). According to the daily time frame, we can observe supply in an average volume, but the price action is very weak.

Fibonacci Pivot Points:

Resistance levels:

R1: 1.4045

R2: 1.4090

R3: 1.4150

Support levels:

S1: 1.3912

S2: 1.3870

S3: 1.3805

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