18.07.201416:12 Forex Analysis & Reviews: EUR/NZD analysis for July 18, 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 1.5623. We can observe low activity on the market today, so we are waiting for larger movement and volume. I have placed Fibonacci retracement to find potential resisntace level and I got Fibonacci retracement 61.8% at the price of 1.5615 (currently on the test). Be careful when buying and watch for potential selling opportunities. The third major short-term downstation is still at the price of 1.5335 (Fibonacci expansion 161.8%). According to the 4H timeframe, we can observe supply (up-thrust bar) in a volume above average.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1.5608

R2: 1.5630

R3: 1.5665

Support levels:

S1: 1.5337

S2: 1.5515

S3: 1.5479

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

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