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19.09.201414:21 Forex Analysis & Reviews: EUR/NZD analysis for September 19, 2014

Long-term review

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Overview:

Since our last analysis, EUR/NZD has been trading downwards. The price tested the level of 1.5781. I have placed Fibonacci retracement to find potential support levels and I got Fibonacci retracement 38.2% at the price of 1.5790 and Fibonacci retracement 61.8% at the price of 1.5700. I have also placed Fibonacci expansion levels and I got Fibonacci expansion 100% at the price of 1.5760. Anyway, If the price breaks the level of 1.5900 (swing high like resistance), we may see potential testing the level of 1.6000 (Fibonacci expansion 100%). Be careful when selling and watch for potential buying opportunities.

Daily Fibonacci pivot levels :

Resistance levels:

R1: 1.5884

R2: 1.5900

R3: 1.5926

Support levels:

S1: 1.5832

S2: 1.5816

S3: 1.5790

Trading recommendations: Be careful when selling the EUR/NZD pair since we may see further upward movement.

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