21.07.201416:35 Forex Analysis & Reviews: EUR/NZD analysis for July 21, 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 1.5519 in a volume just above average according to the daily chart. We can observe rejection from our Fibonacci retracement 61.8% at the price of 1.5615. 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%). I have placed Fibonacci expansion to find potential support levels and I got Fibonacci expansion 61.8% at the price of 1.5460.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1.5611

R2: 1.5628

R3: 1.5657

Support levels:

S1: 1.5554

S2: 1.5537

S3: 1.5509

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

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