07.05.201414:14 Forex Analysis & Reviews: EUR/NZD analysis for May 07, 2014

Long-term review

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Overview

Since our previous analysis, the EUR/NZD pair has been trading upwards, the price tested the level of 1.6082 on volume above the average according to the H4 timeframe. As we already wrote in the previous analysis, EUR/NZD is in short- and mid-term bearish trend, so watch for selling opportunities after retracement. We can observe rejection from our Fibonacci retracement 61.8% at 1.5920 and that causes price to start with uprwad movement. I placed corrective Fibonacci retracement to find potential end of the bullish phase and I got Fibonacci retracement 61.8% at the price of 1.6122. Watch for selling opportunities after retracement.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1.5975

R2: 1.6004

R3: 1.6049

Support levels:

S1: 1.5885

S2 : 1.5856

S3: 1.5811

Trading recommendation: Be careful with buying the EUR/NZD and watch for selling opportunities after retracement.

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