FX.co ★ EUR/NZD analysis for February 25, 2015

Overview :

Recently, EUR/NZD has been moving downwards. As I expected, the price tested the level of 1.6476 in a high volume. In the daily time frame, we can observe an up-thrust bar (bearish bar), which is a sign of weakness. 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: 1.6645

R2: 1.6690

R3: 1.6760

Support levels:

S1: 1.6500

S2: 1.6455

S3: 1.6380

Trading recommendation: watch for potential selling opportunities on rallies.