29.01.201414:25 Forex Analysis & Reviews: EUR/NZD: Analysis for January 29, 2014

Long-term review

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Overview:

Since our last analysis, the EUR/NZD pair has been trading sideways, around the level of 1.6500, we are still waiting for a potential test of FR 61,8% at the level of 1.6395, and our previous analysis is still intact. Currently, we are in progress of smaller bearish corrective phase. We can observe a robust supply which is good sign that we may see more downward movements before the bullish continuation phase. I have placed Fibonacci levels to find a potential end of the bearish corrective phase and I got FR 61.8% at te level of 1.6400, so we may see testing of this level before we continue with major bullish movement. Once we finish the bearish corrective phase, we may expect testing of the previous swing high at 1.6690. Do not forget that EUR/NZD is in short- and mid-term bullish trend and selling EUR/NZD at this stage looks very risky, so watch for buying opportunities on the dips and try to catch the bullish continuation phase.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1.6613

R2: 1.6656

R3: 1.6725

Support levels:

S1: 1.6475

S2 : 1.6432

S3: 1.6363

Trading recommendation: Be careful with selling the EUR/NZD pair, watch for buying opportunities and try to catch the bullish continuation phase.

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