15.12.201414:11 Forex Analysis & Reviews: EUR/NZD analysis for December 15, 2014

Long-term review

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Overview:

In our last analysis, EUR/NZD was trading upward. As we expected, the price tested the level of 1.6081 in a volume below the average. Our Fibonacci retracement 61.8% at the price of 1.6060 has been held successfully, and it made price start with downward movement. I placed Fibonacci expansion to find potential support levels and got Fibonacci expansion 61.8% at the price of 1.5860. According to the 1H time frame, we can observe supply in a volume above the average. So, be careful when buying EUR/NZD at this stage since price rejected from our resistance level.

Daily Fibonacci pivot levels:

Resistance levels:

R1: 1.6074

R2: 1.6121

R3: 1.6198

Support levels:

S1: 1.5919

S2: 1.5872

S3: 1.5794

Trading recommendations: Be careful when buying the EUR/NZD pair since our resistance level is on the test.

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