Show full picture
Overview:
In our last analysis EUR/NZD was trading sideways around the price of 1.5575. We are facing low volatilty today on the market. Our Fibonacci retracement 38.2% at the price of 1.5415 got broken so we may expect testing of the level of 1.5800 (Fibonacci retracement 61.8%). According to the monthly time frame, we can observe successful rejection from our support level at the price of 1.5000. Selling EUR/NZD at this stage looks risky so my advice is to watch for potential buying opportunities after retracement (buy on the dips). According to the previous price action, I have found support level at the price of 1.5440 (swing high like support). According to the daily time frame, we can observe indecision bar in a volume below the average.
Daily Fibonacci pivot levels:
Resistance levels:
R1: 1.5643
R2: 1.5684
R3: 1.5750
Support levels:
S1: 1.5511
S2: 1.5470
S3: 1.5404
Trading recommendations: Be careful when selling since we have successful rejection from monthly support level in the background.
Petar Jacimovic is taking part in the “Analyst of the Year” award organized by MT5.com portal. If you like his article, please vote for him.
| ||
Performed by Petar Jacimovic, Analytical expert InstaForex Group © 2007-2015 |
EUR/NZD : analysis for February 02, 2014
No comments:
Post a Comment