25.02.201415:46 Forex Analysis & Reviews: EUR/NZD analysis for February 25, 2014

Long-term review

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Overview:

Since our previous analysis, the EUR/NZD pair has been trading downwards, the price tested the level of 1.6455. Our previous analysis is still active. We can observe selling climax at the price of 1.6470. Our upper stations still valid, so major upper station is a level around the price of 1.6790 (FE 100%). We also got submajor upper stations at the price of 1.6620 and 1.6665 (previous swing highs). I placed Fibonacci levels to find potential end of bearish corrective phase(potential d point). I got FE 100% at the price of 1.6445 (almost tested) , FR 38,2% at the price of 1.6510 and FE 61.8% at the price of 1.6415. Be careful with selling since we may see end of bearish corrective phase (abcd) and we also got selling climax on the low. EUR/NZD is in short-and mid-term bullish trend, so watch for buying opportunities on the dips and try to catch the bullish continuation phase.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1.6587

R2: 1.6624

R3: 1.6684

Support levels:

S1: 1.6466

S2 : 1.6429

S3: 1.6368

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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