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29.04.201512:47 Forex Analysis & Reviews: EUR/NZD : analysis for April 29, 2015

Long-term review

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Overview:

Recently, EUR/NZD has been trading upwards. As we had expected, the price tested the level of 1.4343 in a high volume. The short-term trend is bullish. Be careful when selling at this stage and watch for potential buying opportunities after a bearish correction. According to the H4 time frame, we can observe that our Fibonacci retracement 38.2% at 1.4200 was held successfully. It caused the price to start moving upwards. Resistance levels are seen at the levels of 1.4385, 1.4490, and 1.4525. According to the daily time frame, we can observe a weak supply in the background, which is a sign that selling looks risky.

Fibonacci Pivot Points:

Resistance levels:

R1: 1.4265

R2: 1.4290

R3: 1.4325

Support levels:

S1: 1.4190

S2: 1.4165

S3: 1.4130

Trading recommendations: Be careful when selling EUR/NZD and watch for potential buying opportunities after a retracement.

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