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12.02.201614:13 Forex Analysis & Reviews: EUR/NZD analysis for February 12, 2016

Long-term review

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Overview:

Recently, EUR/NZD has been moving downwards. As I expected, the price tested the level of 1.6785 in a high volume. In the daily time frame, I found large weakness and supply overcoming demand. In the 4-hour time frame, I found the strong resistance level of 1.7200 and a strong rejection. So, be careful when buying EUR/NZD at this stage and watch for potential selling opportunities. I placed Fibonacci expansion to find potential support level (take profit levels). I got Fibonacci expansion 61.8% at the level of 1.6750, Fibonacci expansion 100% at the level of 1.6460 and Fibonacci expansion 161.8% at the level of 1.5985. Anyway, we may see potential re-test at the levels of 1.7110 and 1.7150 before further downward movement. Watch for potential selling opportunities on rallies.

Fibonacci Pivot Points:

Resistance levels:

R1: 1.7120

R2: 1.7220

R3: 1.7390

Support levels:

S1: 1.6780

S2: 1.6675

S3: 1.10

Trading recommendations:Trading recommendations: a spike in an ultra-high volume (potential buying climax) is seen in the market. Be careful when buying EUR/NZD and watch for potential selling opportunities.

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