08.05.201414:12 Forex Analysis & Reviews: EUR/NZD analysis for May 08, 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 1.6111 on volume above the average according to the daily 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 got our Fibonacci retracement 61.8% at the price of 1.6122, so we will watch price action around that level. If the price rejects from the level of 1.6122 on high volume, that will be a good sign for the further bearish movement. Anyway, if the price breaks the level of 1.6122 on high volume, we may see testing the level of 1.6240 (previous swing high).

Daily pivot Fibonacci points:

Resistance levels:

R1: 1.6085

R2: 1.6123

R3: 1.6185

Support levels:

S1: 1.5962

S2 : 1.5924

S3: 1.5863

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

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