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

Overview:

Recently, EUR/NZD has been moving downwards. The price tested the level of 1.6234. In the background, the price went down in an ultra-high volume (selling climax), so trading around the level of 1.6180 looks very risky. I saw rejection from Fibonacci retracement 61.8% at the level of 1.6255. We may see potential retesting of 1.6560 during the next period. Selling looks very risky.

Fibonacci Pivot Points:

Resistance levels:

R1: 1.6430

R2: 1.6500

R3: 1.6615

Support levels:

S1: 1.6210

S2: 1.6140

S3: 1.6030

Trading recommendations : Selling EUR/NZD at this stage looks very risky since the price is testing the major support cluster. Watch for potential buying opportunities on dips.