FX.co ★ EUR/NZD analysis for February 24, 2015

Overview :

Recently, EUR/NZD has been moving upwards. The price tested the level of 1.6682 in a high volume. In the daily time frame, we can observe a bullish correction. Anyway, the level of 1.6640 may be a good level for selling since we got there corrective Fibonacci expansion 161.8% and support cluster, which became solid resistance. Be careful when buying EUR/NZD at this stage and watch for potential selling opportunities. Next downward target is seen at the level of 1.6180 ( sub-major Fibonacci expansion 161.8%) and at the level of 1.5990 (major Fibonacci expansion 161.8%).

Fibonacci Pivot Points:

Resistance levels:

R1: 1.6600

R2: 1.6645

R3: 1.6720

Support levels:

S1: 1.6445

S2: 1.6395

S3: 1.6320

Trading recommendation: watch for potential selling opportunities on rallies.