FX.co ★ EUR/NZD analysis for February 26, 2015

Overview :

Recently, EUR/NZD has been moving downwards. As I expected, the price tested the level of 1.6277 in a high volume. In the daily time frame, we can observe a bearish bar in an average volume, which is a sign of weakness. Be careful when buying EUR/NZD at this stage and watch for potential selling opportunities. The price is heading slowly to our first take profit level and support at the level of 1.6180 ( sub-major Fibonacci expansion 161.8%). If the price breaks the level of 1.6180 in a high volume, we may see potential testing of 1.5990 (major Fibonacci expansion 161.8%).

Fibonacci Pivot Points:

Resistance levels:

R1: 1.6540

R2: 1.6590

R3: 1.6675

Support levels:

S1: 1.6370

S2: 1.6320

S3: 1.6235

Trading recommendation: trading recommendation: watch for potential selling opportunities on rallies.