FX.co ★ EUR/NZD analysis for May 14, 2015

Overview:

Recently, EUR/NZD has been trading upwards. As we expected, the price tested the level of 1.5251 in a high volume. The short-term trend is bullish. Our target at 1.5155 (Fibonacci retracement 50%) has been reached and we can observe bearish corrective phase in progress. According to the daily time frame, we can observe weak supply in the background, which caused the price to start moving upwards. Watch for potential buying opportunities on the dips. The price rejected from our support level at the price of 1.5000 (Fibonacci retracement 50%). If the price breaks the level of 1.5310 (price action resistance), we may see possible testing of the level of 1.5450.

Fibonacci Pivot Points:

Resistance levels:

R1: 1.5260

R2: 1.5320

R3: 1.5400

Support levels:

S1: 1.5080

S2: 1.5020

S3: 1.4930

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