14.03.201417:17 Forex Analysis & Reviews: EUR/NZD analysis for March 14, 2014

Long-term review

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Overview:
Since our previous analysis, the EUR/NZD pair has been trading upwards, the price rejected from previous swing lows (1.6190) and tested the price of 1.6288 on average volume. Our previous analysis is still valid. Be careful with selling since we've got selling climax in the background and we are near the previous lows. According to H4 timeframe, we can observe weak supplies near the price of 1.6200, which is a sign that selling at that stage looks risky. The 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. I have placed Fibonacci Retracement from the most recent swings and I got Fibonacci Retracement 38.2% at the price of 1.6300 (currently the test) and Fibonacci Retracement 61.8% at the price of 1.6365. Anyway, if the price breaks the level of 1.6190 on high volume, we may see testing the level of 1.6145 before any larger upward movement.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1.6305

R2: 1.6339

R3: 1.6392

Support levels:

S1: 1.6199

S2 : 1.6165

S3: 1.6112

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

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