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17.11.201413:40 Forex Analysis & Reviews: EUR/NZD : analysis for November 17, 2014

Long-term review

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Overview:

In our last analysis, EUR/NZD has been trading sideways around the price of 1.5775. We are facing a very low volume on the market, so we are waiting for a larger volume and stonger price action. According to the daily time frame, we can observe weak demand on the market, which is a sign that buying EUR/NZD looks risky. Our Fibonacci expansion 100% at the price of 1.5800 is broken, so we may see possible testing the level of 1.5520 (Fibonacci expansion 161.8%). We can observe gap zone around the price of 1.5780-1.5820 (resistance zone). Watch for potential selling opportunities after retracement.

Daily Fibonacci pivot levels:

Resistance levels:

R1: 1.5863

R2: 1.5886

R3: 1.5923

Support levels:

S1: 1.5789

S2: 1.5766

S3: 1.5729

Trading recommendations: Be careful when buying EUR/NZD since our Fibonacci expansion 100% got broken.

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