For Traders

Analytical Reviews

Technical analysis

20.10.201414:46 Forex Analysis & Reviews: EUR/NZD analysis for October 20, 2014

Long-term review

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Overview:

In our last analysis, EUR/NZD has been trading downwards. As we expected, the price tested the level of 1.6026. Since we got strong rejection from our resistance level at the price of 1.6230б it is still very risky to buy. I have placed Fibonacci expansion from the most recent swings to find support levels. I got Fibonacci expanson 61.8% at the price of 1.5980. If the price breaks the level of 1.5980 (Fibonacci expansion 61.8%), we may see testing the level of 1.5810 (Fibonacci expansion 100%). Be careful when buying and watch for potential selling opportunities after retracement. According to the daily time frame, we can observe weak demand in a volume below the average.

Daily Fibonacci pivot levels:

Resistance levels:

R1: 1.6202

R2: 1.6247

R3: 1.6319

Support levels:

S1: 1.6057

S2: 1.6012

S3: 1.5939

Trading recommendations: Be careful when buying the EUR/NZD pair since we may see short-term bearish continuation.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.