26.12.201415:19 Forex Analysis & Reviews: EUR/NZD analysis for December 26, 2014

Long-term review

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Overview:

In our last analysis, EUR/NZD was trading downward. The price has tested the level of 1.5711 in a volume below the average. We may see a potential testing of the level of 1.5675-1.565 (swing low like support). Selling EUR/NZD at this stage looks risky since we can observe supply in a low volume. We are waiting for a larger activity on the market and stronger price action. My advice is to watch for potential buying opportunities on the lows. Any larger demand may confirm a further bullish phase.

Daily Fibonacci pivot levels:

Resistance levels:

R1: 1.5808

R2: 1.5825

R3: 1.5854

Support levels:

S1: 1.5751

S2: 1.5734

S3: 1.5706

Trading recommendations: Be careful when selling the EUR/NZD pair since we can observe supply in a low volume

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