11.07.201414:55 Forex Analysis & Reviews: EUR/NZD analysis for July 11, 2014

Long-term review

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Overview:

Since our previous analysis, the EUR/NZD pair has been trading downwards. As we expected, the price tested the level of 1.5406 in a volume just below average according to the Daily chart. I have placed Fibonacci expansion levels to find the second down station. I got the second down station around the level of 1.5420 (currently on the test). Be careful when buying and watch for potential selling opportunities. The third major down station (short-term) is still at the price of 1.5335 (Fibonacci expansion 161.8%). According to the 4H timeframe, we can observe weak demand in the background, which is a sign that buying looks risky.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1.5470

R2: 1.5490

R3: 1.5518

Support levels:

S1: 1.5411

S2: 1.5392

S3: 1.5362

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

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