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EUR/NZD analysis for August 27, 2014

EURNZDDaily27.png


EURNZDH127.png


Overview:


Since our last analysis, EUR/NZD has been trading downwards. As we expected the price has tested the level of 1.5710 (Fibonacci retracement 61.8%) in a volume just above average according to the 4H time frame, which is a sign that buying looks very risky. It is still unsafe to buy anything, so watch for potential selling opportunities after retracement. If the price breaks the level of 1.5710 in a higher volume, we may see potential testing the level of 1.5595. According to the 1H time frame, we can observe strong selling pressure (selling climax) in the background, which is a sign that buying looks risky.


Daily Fibonacci pivot levels :


Resistance levels:


R1: 1.5846


R2: 1.5862


R3: 1.5887


Support levels:


S1: 1.5795


S2: 1.5779


S3: 1.5753


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


The material has been provided by InstaForex Company - www.instaforex.com